This document summarizes challenges and opportunities in preserving digital information for European research libraries. It discusses how libraries are increasingly digitizing content and collecting born-digital materials like websites and e-journals. This is driven by changes in scholarship and a push for open access. However, preservation is difficult due to the variety of information types and lack of selection processes, sustainable funding models, and governance. Opportunities exist through increased collaboration, shared infrastructure like Europeana Cloud, and developing common standards and tools.