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Greek Feta Producers Scramble For Strategy After U.S. Tariffs Threaten Exports

A cooperative of 1,200 stock breeders in southern Greece had one clear goal for this year: breaking into the U.S. market with their renowned feta cheese. This ambitious expansion plan, however, now hangs in the balance after President Donald Trump announced a 10% tariff on most imported goods, including dairy products from the European Union.

In 2019, Greece successfully negotiated an exemption for feta from U.S. tariffs, but that reprieve is now a distant memory. Trump’s new tariff regime also includes a 20% reciprocal levy on European goods, including feta, leaving Greek producers with mounting concerns over the future of their exports.

“We’re uncertain how much of this tariff will be passed on to consumers. It’s a gamble,” said Konstantinos Latsis, the cooperative’s general manager, speaking from inside the dairy’s cold room where 6,000 barrels of feta are aging in brine. The cooperative produces around 5,000 tonnes of barrel-aged feta annually, which it supplies to the Greek market, but it’s eyeing the U.S. as a critical growth opportunity.

Greece, a country with over 6,000 years of feta-making tradition, produced 140,000 tonnes of the iconic cheese last year, valued at €800 million. Approximately 8% of that production was exported to the U.S.—a market where demand for Greek feta has surged, doubling over the past four years. But now, with the looming tariffs, Greek exporters are preparing for a sharp decline in U.S. sales.

“I’m afraid the tariffs will significantly reduce feta exports to the U.S.,” said Christos Apostolopoulos, head of Greece’s dairy industry association. “We’ll have to rethink our strategy and focus on diversifying into other markets.”

Despite the uncertainty, Latsis remains cautiously optimistic. “Even with the tariffs, the U.S. market is too large to ignore,” he said. “We’ll continue to work on our presence there, adapting as we go.”

For now, Greek feta producers face an uphill battle. The question remains: Can the country’s prized cheese find a way through the tariff maze, or will it be forced to shift focus to other markets? The coming months will be pivotal for the future of Greece’s feta exports to the U.S.

EBA Unveils 2024 Report to Strengthen Supervisory Convergence Across the EU

Overview

The European Banking Authority’s 2024 annual report details a comprehensive effort to harmonize supervisory practices across the European Union. The report outlines strategic initiatives across prudential supervision, resolution and crisis management, digital finance, consumer protection, and the interim AML/CFT framework until the end of 2025. This marks a decisive step in implementing further recommendations from the EBA’s evaluation of regulatory efficiency.

Consolidating Prudential Supervision

The EBA’s European Supervisory Examination Programme for 2024 focused on critical areas such as liquidity and funding risk, interest rate risk, and the operationalization of recovery measures. With risk levels remaining stable amidst ongoing challenges in data quality, stress testing, and modelling assumptions, the EBA is set to intensify its monitoring activities for online deposit platforms and oversee compliance with Supervisory Outlier Tests in 2025.

Advances in Resolution And Crisis Management

In the realm of resolution, the report highlights significant progress in operationalizing resolution tools, notably the bail-in mechanism in cross-border environments. Improved coordination among authorities, enhanced management information systems, and persistent efforts to refine data quality and legal recognition issues underpin this advancement.

Strategic Developments in Digital Finance

With digital finance at the forefront, the EBA has prioritized its preparations for the implementation of the EU’s Markets in Crypto-Assets Regulation. Efforts include the supervision of asset reference tokens and e-money token issuers, the development of an EU-wide supervisory handbook, and the coordination of workshops aimed at establishing a unified supervisory approach from the outset.

Enhancing Consumer Protection And AML/CFT Measures

The report also underscores improved cooperation and risk-based supervision among national authorities in consumer protection and AML/CFT. Notable progress has been achieved through AML/CFT college monitoring and implementation reviews, as the EBA prepares for the eventual transfer of AML/CFT supervisory responsibilities to the new EU Anti-Money Laundering Authority by the close of 2025.

Fostering A Common Supervisory Culture

Beyond sector-specific improvements, the EBA continues to champion supervisory convergence through robust cross-border initiatives including peer reviews, Q&A sessions, breach of Union law investigations, and comprehensive training programmes. In 2024 alone, 23 courses were delivered to over 3,000 participants, reinforcing best practices and aligning supervisory standards throughout the EU.

Future Trajectory

Looking ahead, the EBA is set to place greater emphasis on the effective implementation of the Single Rulebook. This strategic pivot will enhance supervisory outcomes and ensure the consistent application of regulatory measures, as reflected in the annual reports to the European Parliament and the Council under the Supervisory Review and Evaluation Process.

With these measures, the EBA reaffirms its commitment to building a unified and resilient supervisory framework, essential for navigating the complex regulatory landscape of the European financial sector.

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