Citizens often send messages to the President of the European Parliament (or to the institution’s public portal) expressing their views on current issues and/or requesting action from the Parliament. The Citizens’ Enquiries Unit (AskEP) within the European Parliamentary Research Service (EPRS) looks into these issues and replies to the messages, which may sometimes be identical as part of wider public campaigns.
The European Parliament has recently received a large number of messages which express concern at a Memorandum of Understanding signed in 2019 between the Egyptian government and Euroclear, a financial services company. Citizens first began to write to the European Parliament on this subject in November 2021, often also addressing their complaints to Euroclear. The messages criticised the planned settlement agreement as violating the Egyptian constitution.
Please find below the main points of the reply sent to citizens who took the time to write to the President of the European Parliament on this matter (in English).
Main points made in the reply in English
We understand that you are referring to a Memorandum of Understanding signed in 2019 between the Egyptian government and Euroclear Bank, intended to facilitate international investment in Egyptian domestic debt instruments.
We would like to draw your attention to the fact that, despite its name, Euroclear is a Belgium-based financial services company and not an institution of the European Union.
According to European Union (EU) law, the European Parliament is not authorised to intervene in matters that are the responsibility of national authorities of EU countries or of non-EU countries, such as Egypt. For these reasons, please understand that we are not in a position to provide further assistance on this matter.