The regulation introduces lower import quotas by limiting tariff-free import volumes to 18.3 million tonnes annually, a 47% reduction compared with 2024 steel quotas. It would also apply a 50% customs duty (instead of the current 25%) to imports above the quota and to steel goods not covered by it. Ukraine's situation as a candidate country with special security concerns shall be considered when allocating country quotas.

The aim is to help the EU steel industry counter the negative trade-related effects on the steel market of global overproduction once the current safeguards, in place since 2018, expire on 30 June 2026.

Improved traceability

The regulation introduces a “melt and pour” rule, under which the origin of steel is determined by where it is first melted and cast, strengthening traceability and limiting circumvention through minimal processing in third countries. The Commission will have to take into account the origin of steel when assigning annual quotas.

The new regulation, which was already agreed between Parliament and Council negotiators, was approved by 606 votes in favour and 16 against, with 39 abstentions.

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Karin Karlsbro (Renew, SE), lead negotiator of the file, said: “Europe needs a strong and competitive steel industry built on trade, innovation and fair competition. Combatting the negative trade effects of global overcapacity is essential, and I welcome the exemption for Russian steel slabs not being extended. At the same time, Ukraine must not be punished by EU measures while its steel industry is under direct Russian attack. Ukraine is not the source of global overcapacity. We must treat them as a future EU member and strategic partner, and the EU must now live up to our promise that Ukraine will receive special status under the new regulation.”

Next steps

The new regulation now has to be formally approved by the Council. It will enter into force on 1 July 2026.

Background

The global steel safeguards, in place since 2018 under the under the World Trade Organisation (WTO) Agreement on Safeguards, will expire on 30 June 2026.

The EU steel industry is vital for the EU's economy and of strategic importance for the EU's defence capability, as set out in the Commission's steel and metals action plan (SMAP). The sector has faced trade-related challenges, including significant and sustained import pressure in terms of volume and prices, as result of global overcapacity. It has also seen about 100,000 job losses since 2008.

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Quick loans are designed to provide fast access to funds when time is a crucial factor. While they are not meant to replace long-term financial planning, they can serve as a temporary solution that helps individuals manage unforeseen expenses responsibly.

 

Understanding urgent financial needs

Life often presents situations that cannot be postponed. For example, a malfunctioning heating system during winter or a necessary car repair that affects daily commuting can quickly become pressing concerns. When savings are limited or temporarily unavailable, individuals may need to consider alternative financial solutions to bridge the gap.

In these cases, speed becomes a critical element. Traditional lending processes may involve extensive documentation and longer approval times, which may not align with the urgency of certain situations. Quick loans aim to address this challenge by simplifying the application process and providing faster decisions.

 

How quick loans work

Quick loans typically focus on efficiency and accessibility. Many lenders offer digital applications that can be completed online within a short period of time. Applicants usually provide basic personal and financial information, after which the lender evaluates the request and communicates the decision.

The main advantage of this approach is the reduced waiting time. In many cases, funds may become available shortly after approval, allowing individuals to resolve urgent financial matters promptly. This accessibility has made quick loans a popular option for short-term financial needs.

However, the convenience of fast financing also requires careful consideration. Borrowers should always review the terms and conditions, interest rates, and repayment schedule before accepting a loan. Understanding the full cost of borrowing ensures that the solution remains manageable within the borrower’s financial situation.

 

Responsible use of short-term borrowing

Although quick loans can be helpful in urgent circumstances, they should be approached with responsibility and planning. Borrowing should ideally address genuine needs rather than impulsive purchases. Before applying for a loan, it is useful to assess whether the expense is essential and whether other financial options may be available.

Creating a clear repayment plan is equally important. Borrowers should evaluate their monthly income and expenses to ensure that the loan repayment will not disrupt their regular financial obligations. Responsible borrowing helps prevent additional financial stress and supports long-term stability.

 

The importance of financial preparedness

While quick loans provide a useful safety net in emergencies, building financial resilience remains essential. Establishing an emergency savings fund, even if modest at first, can reduce the need for borrowing in the future. Regular budgeting and disciplined saving habits gradually strengthen financial security over time.

At the same time, having access to flexible financial solutions can offer peace of mind. Knowing that help is available during urgent situations allows individuals to respond to unexpected challenges more confidently.

Urgent financial situations require prompt and practical solutions. Quick loans can offer valuable support when immediate expenses arise and other resources are unavailable. By understanding how these loans work and using them responsibly, individuals can address short-term financial needs without compromising their overall financial stability. Careful planning, informed decision-making, and responsible borrowing remain the key elements of maintaining long-term financial wellbeing.

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The latest data shows the development of entrepreneurship during a period of continued macroeconomic and geopolitical uncertainty in the global economy. About 67% of economies reported that more people experienced a decline in income than an increase in 2025. In most countries, starting a business is considered more difficult than a year ago, and structural imbalances are becoming a long-term challenge.

GEM 2025/2026 shows that Lithuania is one of four countries in the world where all conditions of the entrepreneurial environment – from access to finance and innovation infrastructure to the regulatory environment and public policy – are assessed by experts as sufficient or higher than sufficient. Only India, Lithuania, Saudi Arabia, and the United Arab Emirates reached this assessment threshold in 2025. In the context of the European Union, Lithuania holds a leading position, surpassing such major economies as Germany, France, Switzerland, and Italy. Globally, the United Arab Emirates ranks highest in terms of the entrepreneurial environment this year, but Lithuania remains among the top five highest-rated economies.

Edvinas Grikšas, Minister of Economy and Innovation, points out that this is the result of a focused and consistent economic policy: "Lithuania is now seen as one of the best places to start and grow a business. This shows that investments in innovation, strengthening the start-up ecosystem, digital transformation, and improving the business environment are yielding tangible results. Our goal is not only to maintain our leadership in Europe, but also to strengthen the high value-added economy in global competition."

GEM report reveals that although digital transformation has become an inevitable factor in business development, only a fraction of new and growing businesses worldwide plan to actively integrate artificial intelligence or advanced digital technologies into their operations in the near future. The direction of Lithuanian businesses in this regard is clear – almost half of early-stage entrepreneurs plan to expand the use of digital technologies in their activities in the coming months. This shows that technology in Lithuania is perceived as an instrument for growth and export development, enabling competition in global markets and the creation of higher value-added solutions.

"Today, Lithuania not only has an active business community, but also a system that creates conditions for growth. Our goal is to ensure that the dynamics of business creation are accompanied by increased productivity, technological progress, and internationalization. This is what will ensure the long-term competitiveness of the Lithuanian economy," notes Minister E. Grikšas.

The Ministry of Economy and Innovation notes that international GEM data is an important benchmark for shaping decisions aimed at strengthening competitiveness, innovation, and investment attractiveness in Lithuania. The Global Entrepreneurship Monitor program in Lithuania is implemented and research is conducted by the Vilnius University Business School, which represents Lithuania in the international GEM consortium.

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'By allocating funding to businesses throughout Lithuania, we aim to help them establish themselves more quickly and easily in international markets. We also aim to help companies in the defence and security industries export high-value products by integrating them into international supply chains. In addition, we will create highly skilled jobs in the regions, and the expansion of these companies' exports will significantly strengthen both the companies themselves and the entire Lithuanian economy,' said Edvinas Grikšas, the Minister of the Economy and Innovation.

Thanks to these investments, companies will be able to present their products and services at exhibitions abroad, obtain the necessary certificates, discover new export markets, increase their internationalisation and compete successfully in a changing international environment.

EIMIN has allocated €5.37 million in funding to 55 SMEs in the capital region to certify and present high-value products and services in foreign markets. Thirty-one companies plan to participate in international exhibitions, while 23 companies plan to present their products and services at such exhibitions and carry out their certification.

With €7.3 million in investments allocated by EIMIN, 100 companies in the Central and Western Lithuania region will increase their international activities and identify new export markets. Some companies will also be able to take advantage of electronic marketing and export manager services.

Most of the projects in Central and Western Lithuania will be implemented by companies in the Kaunas region (59), followed by the Klaipėda region (14), the Šiauliai region (8), the Utena region (7), the Panevėžys region (5), the Alytus region and the Telšiai region (3 each), and one company in the Tauragė region.

Under the European Union's 'Choose to Export' investment measure, the selection process was conducted separately in the capital region and in Central and Western Lithuania, with companies competing at the regional rather than national level.

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Lithuanian residents stand out for their favorable view of the Rail Baltica project: it is supported by 79% of respondents, and this number continues to grow every year.

According to Norstat data, Lithuanians associate the project with regional security: 83% of respondents believe that the military mobility aspect of Rail Baltica is important for the security of the Baltic region. 85% think that Rail Baltica will facilitate the movement of NATO allies.

The survey also showed that 95% of Lithuanian residents believe that Rail Baltica will provide more transport connections with other European countries, such as Poland and Germany. Meanwhile, 94% think the project will improve transport links with the Baltic states.

“Most residents recognize the importance of military mobility. This is encouraging and a reminder that Rail Baltica is not merely an infrastructure project, but a strategically important economic and security link to the West. The stronger our rail transport infrastructure, the more resilient we become,” says Deputy Minister of Transport and Communications Roderikas Žiobakas.

According to Norstat, an increasing share of residents emphasize the project’s economic benefits—88% of Lithuanians stated that Rail Baltica will contribute to the country’s economic growth.

“We can see that as the geographical scope of construction expands, regions are beginning to feel the economic benefits. Contractors bring additional business needs, increasing demand for accommodation, catering, transport, repair and other services. A large share of Rail Baltica is financed by the European Union, and these funds flow directly into Lithuania’s economy. More importantly, Rail Baltica is a vital artery for receiving allied forces both in peacetime and in times of crisis,” says Vytis Žalimas, CEO of LTG Infra, the company implementing the project within the LTG Group.

The survey also revealed that progress on Rail Baltica in neighboring countries is of greatest interest to Estonian residents. As many as 80% of Estonians reported being interested in the project’s development abroad. In Latvia, this share reaches 74%, while in Lithuania—46%. Notably, interest in neighboring countries’ progress has grown significantly in Lithuania: in 2024, only 36% of respondents expressed such interest.

The Rail Baltica public opinion survey was conducted in cooperation with the research agency Norstat. The agency surveyed 1,003 respondents in Lithuania, 1,008 in Latvia, and 1,005 in Estonia, aged 18 to 75.

Rail Baltica is a strategic project for both the LTG Group and the European Union and is the largest railway infrastructure project in the history of the Baltic States. Once completed, it will deliver an electrified European standard gauge railway line connecting Lithuania, Latvia, and Estonia with Central and Western Europe, strengthening regional integration, civil and military mobility, and the overall resilience of the transport system.

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'Poland is one of Lithuania's most important economic partners, with whom we cooperate intensively in implementing strategic regional projects in defence, digitisation, investment, and innovation. In addition, Lithuania is establishing the first national artificial intelligence centre — a strategically important infrastructure for creating, testing and implementing AI solutions. Therefore, it is particularly important for us to strengthen our cooperation in this field and discuss investment issues and joint projects," said Minister of the Economy and Innovation E. Grikšas.

During his meeting with Krzysztof Gawkowski, Poland's Deputy Prime Minister and Minister of Digital Affairs, an agreement is planned to be signed between EIMIN and Poland's Ministry of Digital Affairs on AI cooperation. This agreement aims to strengthen the strategic partnership and cooperation in the field of AI by facilitating the exchange of information, experience and best practices.

It will also reinforce the coordination of AI initiatives and cooperation at bilateral, regional and EU levels. It will encourage coordinated AI infrastructure and joint initiatives in this area with the aim of enabling innovation to develop smoothly between countries and improving ecosystem integrity.

A meeting with Andrzej Domański, Poland's Minister of Finance and Economy and acting Minister of Development and Technology, will focus on strengthening bilateral cooperation in industrial development and joint projects.

According to data from the State Data Agency, Poland ranked first in terms of trade turnover and exports of Lithuanian goods in January–November 2025, and second in terms of exports and imports of goods. Trade in goods between the two countries amounted to EUR 9 billion in January–November 2025, with exports to Poland amounting to EUR 3.5 billion. Trade in goods between the two countries amounted to EUR 9 billion in January–November 2025, with exports to Poland amounting to EUR 3.5 billion and imports to EUR 5.5 billion. Exports of goods of Lithuanian origin amounted to EUR 2.3 billion in January–November 2025.

Polish direct foreign investment in Lithuania in Q3 2025 amounted to almost €1.28 billion, while Lithuanian direct foreign investment in Poland amounted to almost €810 million.

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“This Convention will enhance legal certainty for Lithuanian businesses and residents operating in Pakistan and will ensure that the same income is not taxed twice in different countries. Moreover, the Convention will contribute to the international efforts to combat tax avoidance, abuse and profit shifting in implementation of instruments approved by the OECD and G20”, Minister of Finance K. Vaitiekūnas says.

Currently, Lithuania has double taxation conventions with 58 countries. The new Convention with Pakistan will facilitate bilateral economic cooperation, investments and trade, while strengthening tax transparency and preventing tax avoidance and tax evasion.

The Convention will come into force only after its ratification by both parties. Its provisions will apply from the calendar year following the Convention coming into force – in Lithuania from 1 January, while in Pakistan from 1 July. The ratification of the Convention is subject to the approval by the Parliament.

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"I am pleased that after more than two years of work, Lithuania's fiscal governance framework has been updated, providing not only for numerical fiscal discipline rules which are compatible with the rules applicable to all Member States of the European Union, but also for procedural rules. The latter clearly determine the roles of the Seimas, governmental authorities, municipalities and independent fiscal institution in fiscal governance. Transparent management of public finances increases trust of the public, international institutions and investors in Lithuania as a country striving for long-term sustainability of public finances“, Minister of Finance K. Vaitiekūnas says.

Simplified fiscal discipline

According to the Minister, the fiscal governance framework, where medium-term budgetary planning is also part thereof, is linked to one clear fiscal discipline rule – the management of general government expenditure. Expenditure growth is an indicator that can be directly influenced by fiscal policy decisions and the monitoring of compliance with its limit is based on statistical data. This indicator will serve as a basis for assessing the sustainability of the budget at both national and EU level. This will allow to abandon the current complex system of multi-level fiscal discipline rules and will ensure that budget planning is clearer, more transparent and more predictable.

Promoted investments

The current fiscal discipline rules did not provide for conditions exclusively dedicated to investments. "Given that it is crucial for Lithuania to strengthen the economic potential through sustainable investments, the amendments create opportunities to increase investments and to stimulate economic growth in the future, without violating the EU fiscal discipline rules," K. Vaitiekūnas notes.

Moreover, fiscal discipline rules provide for the possibility to temporarily exceed expenditure growth limits when the country's financial position faces commonly accepted challenges, such as the current need to increase investments in national defence.

Increased transparency and accountability

The amendments introduce an automatic mechanism for compensating for deviations from the rules by making it mandatory to counterbalance the deviation above the expenditure growth limits by other budgets. The ‘consideration or explanation' principle is also embedded. The application of this principle implies new procedural rules on fiscal discipline.

“The role of the independent fiscal institution is growing – it will assess whether planned, adopted and implemented budgets comply with national and EU fiscal discipline rules and will publish the conclusions of the assessment”, K. Vaitiekūnas notes.

The new thing is that the Government and municipalities, after receipt of the conclusions of the independent fiscal institution, will have either to take them into account or publicly explain why they were not taken into consideration. This new procedural rule will significantly contribute to increasing the transparency of fiscal policy decisions.

Opportunities for municipalities to plan their budgets more flexibly

According to the Minister, the amendments to the laws are favourable to the municipalities. "Compared to the current rules, the limit of guarantees that municipalities can provide is doubled (from 10% to 20% of municipal income). The revenue base, from which the indicators of guarantees, debts, balance sheets and the use of the corresponding limits are calculated, is also increased –it consists of all municipal income, including grants and previously unused income”, K. Vaitiekūnas notes.

When assessing compliance with the fiscal discipline rule of the municipal budget, the amounts of co-financing of EU and other international financial assistance, as well as the appropriations allocated to projects financed with funds borrowed from the National Development Bank of Lithuania, may be deducted from the approved appropriations.

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“Making difficult decisions today is essential: massive long-term investments are necessary both to strengthen the defence capabilities of the Baltic States and to increase innovation and competitiveness of the countries. Therefore, this challenging time is a great opportunity to change our well-established thinking and actions, only when we achieve a breakthrough in the areas of crowdfunding and investment will we solve the emerging tasks", Minister of Finance K. Vaitiekūnas states.

According to the Minister, public funds alone are not sufficient to achieve the objectives stated, therefore, the mobilisation of public and private capital through mixed finance models is necessary. And in order to attract private funds on a large scale and expeditiously, it is inevitable to use capital markets.

The Baltic Capital Markets Initiative is an example of how small, open economies can combine their strengths to overcome scale constraints. However, there are also things that need to be corrected.

Private investors are still not always willing to invest in defence infrastructure projects.

According to K. Vaitiekūnas, the main obstacles preventing private capital from investing in defence are the lack of high-quality, financially attractive, sustainable and competitive projects, which is mainly due to limited institutional capacity. There are also long deadlines and complex regulations that increase legal and transaction costs.

"These barriers could be removed by simpler regulation, the provision of guarantees to mitigate potential risks and the wider use of investment instruments to achieve scale. In addition, the Baltic financial markets should be even more visible internationally. It is also necessary to expand the participation of different investors in projects", K. Vaitiekūnas notes.

One such step in Lithuania is the ILTE Advisory Centre, which will act as a project development centre to help the municipal public and private sectors to develop high-quality, financially sustainable, competitive and financing-attractive projects.

According to the Minister, by being competitive, innovative and having sufficient resources to counter potential threats, Lithuania will ensure essential preconditions for sustainable growth in the future.

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Next year, the EU budget commitments will amount to EUR 192.8 billion and payments will make up EUR 190.1 billion.

As usual, in the EU budget, the largest share of funding is allocated to the key areas such as Cohesion policy (EUR 56.6 billion) and the Common Agricultural Policy (EUR 56.5 billion). Sufficient funding for Cohesion programmes in 2026 is of particular relevance, in particular, due to the increased level of interim payments, as at the end of the EU's Multiannual Financial Framework, Cohesion programmes are usually implemented at full capacity.

The EU budget 2026 is expected to focus on the programmes that contribute to the EU single market, innovation, digital transition, connectivity in the transport and energy sectors (EUR 22.2 billion), activities in the fields of the EU's neighbourhood and external action (EUR 15.6 billion), as well as in the fields of migration and border management (EUR 5.0 billion) and security (EUR 2.8 billion).

Minister of Finance Kristupas Vaitiekūnas welcomed the final agreement between the EP and the Council, which reflects Lithuania's key priorities: "In this year's negotiations, it was important for Lithuania to secure not only sufficient appropriations in the field of Cohesion policy and agriculture, but also the necessary funding for the decommissioning of Ignalina nuclear power plant and the Connecting Europe Facility. It is also encouraging to see increased funding for border management and military mobility programmes in the final agreement, this is particularly relevant for Lithuania, which has one of the EU's longest external borders with hostile countries and faces hybrid threats."

In the final agreement between the Council of the EU and the EP, compared to the draft EU budget presented by the European Commission, it was agreed to provide additional funding for certain programmes: allocating EUR +10.0 million to the instrument for financial support for border management and visa and EUR +10.0 million to military mobility, EUR +35.0 million to the humanitarian aid, EUR +8.5 million and EUR +15.0 million, respectively, to the transport and energy fields of the Connecting Europe Facility (CEF).

Lithuania is expected to receive about EUR 2.81 billion from the EU budget 2026. Most EU funding is planned to come from the Cohesion policy Funds – about EUR 1.47 billion, the Common Agricultural Policy Funds – about EUR 0.82 billion, the Connecting Europe Facility – about EUR 0.25 billion, and for Ignalina NPP decommissioning programme – about EUR 0.13 billion. Lithuania's contribution to the EU budget should amount to EUR 0.88 billion.

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