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European Commission - Speech [Check Against Delivery] Press remarks by Commissioners Maroš Šefčovič and Valdis Dombrovskis at the signature ceremony on the association and monetary agreements with the EU and Andorra and San Marino Brussels, 19 October 2026 Commissioner Šefčovič Today is a landmark day for the European Union and Andorra and San Marino. By signing this Association Agreement, we open a new chapter of de...
European Commission - Speech [Check Against Delivery] Press remarks by Commissioners Maroš Šefčovič and Valdis Dombrovskis at the signature ceremony on the association and monetary agreements with the EU and Andorra and San Marino Brussels, 19 October 2026 Commissioner Šefčovič Today is a landmark day for the European Union and Andorra and San Marino. By signing this Association Agreement, we open a new chapter of deeper partnership. The Agreement is the result of many years of close cooperation, patient negotiations, and shared ambition. It shows what we can achieve together as like-minded partners, soon to be associated. Through this ambitious Association Agreement, Andorra and San Marino will participate in the EU's internal market and our cooperation will strengthen across a broad range of policy areas. The specific characteristics of Andorra and San Marino have been fully taken into account, through adaptations and transitional periods for the implementation of parts of the EU acquis. The Agreement, one of the most far-reaching deals offered by the EU to outside partners, will make a real difference to people's lives. It will create new opportunities to study, work, and live across Europe. And it will give businesses greater access to the EU's internal market, with the legal certainty of common rules and a level playing field. The level of market access foreseen will be comparable to that of Norway, Iceland and Liechtenstein under the Agreement on the European Economic Area. The Agreement will also incorporate the existing customs unions, and benefit from the Monetary Agreements with Andorra and San Marino. At the same time, it establishes a coherent, effective and efficient institutional framework to protect the integrity of the EU's internal market. To ensure that citizens and businesses can reap the benefits as soon as possible, we are committed to completing our internal procedures swiftly to move towards provisional application. Today, we are not only signing a legal text. We are sending a political signal. At a time of geopolitical uncertainty and growing fragmentation, our answer is not isolation, but partnership. By bringing our economies and societies closer together, this Agreement will strengthen our collective resilience. It will bring greater stability, predictability, and opportunity. So, this is not simply an agreement for today. It is an investment in the decades ahead. Andorra and San Marino are deeply rooted in Europe. This Agreement gives new expression to that reality. --- Commissioner Dombrovskis Today's steps mark another important stage for the European Union's close and long-standing relations with both countries. I am pleased to sign the amended Monetary Agreements, alongside the signature with the signature of the Association Agreement by Commissioner Šefčovič. I would like to thank the teams on all sides for hard work to make th ese Agreements possible today. Reaching this point has required commitment, professionalism, flexibility and a strong spirit of partnership. The amendments consist of technical adaptations that do not change the overall objective of Monetary Agreements but align their legal architecture with the broader Association Agreement framework. This will increase legal certainty, consistency and coherence between the two frameworks, and reflect a mature partnership built on sound governance. In practical terms, they avoid duplication and help ensure that the relevant EU acquis is reflected in a coordinated and orderly manner. Ultimately, the Association and Monetary Agreements will together deliver tangible benefits for citizens, businesses and financial services operators across the EU, Andorra and San Marino. By strengthening legal certainty, enhancing regulatory convergence and ensuring a more consistent application of the financial services regulation and the protection and integrity of the euro. The agreements will facilitate cross-border transactions, support investment and trade, and reduce unnecessary administrative burdens. This will enable economic operators to plan, invest and expand their activities on a more predictable and stable footing, while fostering deeper financial and economic integration to the benefit of all three constituencies. What is more, we can say that the Monetary Agreements have paved the way to the Association Agreement. Andorra and San Marino did not start from zero in the negotiations for the Association Agreement but were already one step ahead thanks to the Monetary Agreements. Both countries have transposed parts of the EU legislation such as banking law and anti-money laundering law under the terms of the Monetary Agreements. This saves time and resources now. On our side, we are happy to fulfil our mandate, by complying with the declaration on Article 8 of the Treaty: “The Union will take into account the particular situation of small-sized countries which maintain specific relations of proximity with it”. In conclusion, today is an important milestone, but it is also part of a wider trust-based journey. The European Union remains committed to working closely with Andorra and San Marino in the years ahead. In an age of uncertainty, such partnerships are more important than ever. The EU is once again sending a signal: we remain open for businesses, with old and new partners alike. I look forward to the next steps in implementing these agreements for the common benefit. Thank you. SPEECH/26/2183 <@rel_link@> Press contacts: Balazs UJVARI (+32 2 295 45 78) Saul Louis GOULDING (+32 2 296 47 35) General public inquiries: Europe Direct by phone 00 800 67 89 10 11 or by email Related media EC press point and signature ceremony by European Commissioner Maroš ŠEFČOVIČ and European Commissioner Valdis DOMBROVSKIS, together with the Head of Government of Andorra Xavier ESPOT, and the Minister of Foreign Affairs of San Marino Luca BECCARI, on the association and monetary agreements with the EU
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