Good afternoon everyone and welcome to the readout of today's college meeting as well as the press conference on the 2026 rule of law report,

and we have the pleasure of having with us today EVP Henna Virkkunen and Commissioner Michael McGrath.

Thank you very much and good afternoon everybody and welcome to our college readout.

This morning, the College adopted the rule of law report that Commissioner McGrath and I here are to present,

but earlier we also adopted a review of our emissions trading system and the electrification action plan that my colleagues Teresa Ribera,

Wopke Hoekstra, and Dan Jørgensen already presented to you.

Furthermore, the College adopted a report on the competitiveness of the EU's banking sector,

and Commissioner Albuquerque will come to the press room later to give you the details.

We also decided to register 2 European citizens' initiatives on the topics of education and housing.

Let me recall that at this stage, the Commission has not analyzed the substance of these initiatives.

This registration means that the organizers can begin the 12 month period for collecting signatures now.

If they collect at least 1 million signatures from at least 7 Member States, the Commission will analyze it in detail.

The spokesperson Service is publishing a press release as we speak, where you can find further details on this.

So now on to the topic at hand, the 7th edition of the Rule of Law Report.

The rule of law lies at the heart of our Union.

The EU's prosperity,

security and democratic resilience depend on respect for the rule of law and the Union's common values.

In the world with rising political polarization, pressures on democratic institutions, on our economy and growing external threats,

defending the rule of law is more than ever essential.

Independent justice systems, effective anti-corruption frameworks, free and pluralistic media,

and strong checks and balances are key in this effort.

They protect citizens' rights and ensure trust in public institutions and democracy,

and provide the legal certainty that supports our investments, competitiveness and economic growth.

Like the previous editions,

this year's report is based on a very close partnership with the Member States and a strong engagement with civil society organizers.

Dialogue is at the core of this exercise. I will start with the positive news.

Overall, in the last year we saw the positive effects of the rule of law cycle and the intense dialogue with our Member States.

We continued progress in many Member States, with significant reforms completed or under way across all areas.

However, work must continue, the progress is uneven and reforms often slower than expected.

Before Michael will guide you in more detail through the report, let me highlight a few elements.

Media freedom is central to the rule of law.

It ensures accountability, allow free expression,

and their erosion often also signals broader democratic backsliding.

Thanks to the rule of law report, we see that many Member States are taking measures in this area,

making their media regulators more independent, making state advertising more transparent and protecting journalists.

But it is also a result of the European Media Freedom Act, EMFA, which started to apply last August.

EMFA includes specific provisions on the transparent and fair allocation of state advertising,

the transparency of media ownership and the independent functioning of public service media.

It also introduces measures to protect journalists' sources and confidential communications.

These obligations under the EMFA replace now the recommendations of our rule of law report.

That is why we have adjusted our approach.

The rule of law report will, however, continue to monitor developments in these areas and consider their broader impact.

Looking ahead, the Commission intends to strengthen the media pillar of the rule of law report.

We will systematically monitor and report on how recent trends,

such as rapid digitalization and the rise of local news deserts, impact media freedom and pluralism.

Another very important aspect was to strengthen the link between the rule of law and access to EU funds,

building on existing instruments.

This is precisely what we have done in our MFF proposal.

We have strengthened the links between the rule of law reports, recommendations and EU financial support.

The rule of law report will be an important element when assessing compliance of Member States with the rule of law and fundamental rights safeguards international and regional partnerships plans,

and we have also made the recommendations as targeted and operational as possible to help our Member States identify rule of law reforms and investments to fund via the national and regional plans. But let me be clear.

There will not be automaticy between the rule of law recommendation and access to EU funds.

This rule of law report was a joint effort, and I want to thank everybody involved.

The Commission will continue working with the European Parliament and Council to further improve the rule of law cycle,

strengthening dialogue and follow up so that recommendations lead to meaningful reforms. Thank you.

Now I will pass the floor to Michael.