Insight EU Finance Weekly Monitoring: 1 – 5 July 2024
These are the headlines of our weekly Insight EU Finance Monitoring, published each Friday.
06/07/2024
ON THE TOP
MEP question: Threats and regulation of A.I. systems for human resource management
Europe’s AI Act classifies AI systems used in the field of employment and employee management as high‑risk. However, the AI Act itself does not cover labour law. Therefore, solutions are needed to regulate the use of AI systems in human resource management. How to solve this?
05/07/2024
Despite EU criticism: Hungarian PM Orbán meets Russian President Putin
Despite sharp and clear criticism by several EU leaders, Hungarian PM Viktor Orbán met Russian President Vladimir Putin in Moskau today. On its website, the Hungarian Government presents the meeting in the context of Hungary’s EU Council Presidency.
05/07/2024
NATO Secretary General: Our most urgent task at the Summit will be support to Ukraine
Secretary General Jens Stoltenberg previewed next week’s Washington Summit, stressing that support to Ukraine will be NATO’s “most urgent task. I expect heads of state and government will agree a substantial package for Ukraine,” he said.
05/07/2024
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BUSINESS
Insight EU Finance Weekly Monitoring: 1 – 5 July 2024
These are the headlines of our weekly Insight EU Finance Monitoring, published each Friday.
06/07/2024
The Left welcomes the Italian Movimento 5 Stelle as new members
The Left group has decided to welcome Movimento 5 Stelle. To confirm political convergence, The Left and M5S have agreed to take a six-months period of time with a reciprocal observer status.
06/07/2024
Country first, party second: Keir Starmer’s first speech as UK Prime Minister
“If you voted for Labour yesterday we will carry the responsibility of your trust, as we rebuild our country. But whether you voted Labour or not… In fact – especially if you did not… I say to you, directly… My government will serve you. Politics can be a force for good – we will show that. And that is how we will govern. Country first, party second” – UK Prime Minister Keir Starmer.
05/07/2024
ESMA puts forward measures to support corporate sustainability reporting
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a Final Report on the Guidelines on Enforcement of Sustainability Information (GLESI) and a Public Statement on the first application of the European Sustainability Reporting Standards (ESRS).
05/07/2024
ESMA: New MiCA rules increase transparency for retail investors
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the second Final Report under the Markets in Crypto-Assets Regulation (MiCA) covering eight draft technical standards that aim to provide more transparency for retail investors.
05/07/2024
Artificial intelligence: a central bank’s view – Piero Cipollone (ECB Executive Board)
A keynote speech by Piero Cipollone, Member of the Executive Board of the European Central Bank, at the National Conference of Statistics on official statistics at the time of artificial intelligence.
05/07/2024
EIF guarantees: Leading Baltic banks to support projects in Estonia, Latvia, and Lithuania
The European Investment Fund (EIF) and three leading lenders in the Baltic states – LHV Pank, SEB Bank and Swedbank – have joined forces in an effort to trigger more than €720 million in new financing for local businesses and households in the region.
05/07/2024
Cyprus Green Line Report: EU assistance increases trade and free movement
Today, the EU Commission published two reports illustrating the European Union’s continued support for Cyprus’ reunification: the annual report on the implementation of the Green Line Regulation in Cyprus in 2023 (the ‘Green Line Report’) and the annual report on the implementation of the Aid Programme for the Turkish Cypriot Community in 2023 (the ‘Aid Programme Report’).
05/07/2024
Cyprus sends 3rd RRF payment request to the EU Commission
Cyprus’ third payment request concerns 12 milestones and 4 targets. It covers reforms that support investment initiatives, enhance the productivity and effectiveness of public administration, improve the system for issuing and transferring title deeds, and lead the digital transformation of the Cyprus Police Force.
05/07/2024
Portugal: EU Commission receives 5th RRF payment request for €2.9bn
Yesterday, the Commission received Portugal’s fifth payment request for an amount of €2.9 billion net of pre-financing, including €1.65 billion in grants and €1.25 billion in loans, under the Recovery and Resilience Facility (RRF).
05/07/2024
EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing
The European Banking Authority (EBA) issued today new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.
05/07/2024
Battery-electric vehicles from China: EU Commission imposes provisional countervailing duties
Nine months after the initiation of its anti-subsidy investigation, the EU Commission has imposed provisional countervailing duties on imports of battery electric vehicles (BEVs) from China. Based on the investigation, the Commission has concluded that the BEV value chain in China benefits from unfair subsidisation, which is causing a threat of economic injury to EU BEV producers.
04/07/2024
State of investigations of the Centre for Prosecution of Crime against Ukraine (ICPA)
Marking a historic moment, one year ago today, Eurojust launched the International Centre for the Prosecution of the Crime of Aggression (ICPA) – a unique judicial coordination platform dedicated to supporting national investigations into the crime of aggression related to the war in Ukraine.
04/07/2024
DIGITIZATION
MEP question: Threats and regulation of A.I. systems for human resource management
Europe’s AI Act classifies AI systems used in the field of employment and employee management as high‑risk. However, the AI Act itself does not cover labour law. Therefore, solutions are needed to regulate the use of AI systems in human resource management. How to solve this?
05/07/2024
New UNECE regulations usher in new generation of braking systems for e-vehicles
The United Nations’ Working Party on Automated/Autonomous and Connected Vehicles (GRVA) has adopted the new regulation for Acceleration Control for Pedal Error (ACPE), and regulatory provisions for the introduction of a new generation of braking systems for electric vehicles.
05/07/2024
Digital Services Act: EU Commission requests information to Amazon
The EU Commission is requesting Amazon to provide more information on the measures the platform has taken to comply with the DSA obligations related to the transparency of recommender systems and their parameters, as well as to the provisions on maintaining an ad repository and its risk assessment report.
05/07/2024
Artificial intelligence: a central bank’s view – Piero Cipollone (ECB Executive Board)
A keynote speech by Piero Cipollone, Member of the Executive Board of the European Central Bank, at the National Conference of Statistics on official statistics at the time of artificial intelligence.
05/07/2024
Digital Europe Programme: EU Commission announces €210m cybersecurity investment
Today, the EU Commission launched calls for proposals worth over €210 million under the Digital Europe Programme aimed at strengthening cybersecurity and digital capabilities across the EU.
05/07/2024
Semiconductor innovation ecosystem: EU Chips Joint Undertaking invests €325m
The EU Chips Joint Undertaking (Chips JU) has announced new calls to support semiconductor research and innovation initiatives in photonics, competence centres, and a cloud-based semiconductor design platform as part of the Chips for Europe initiative under the Chips Act. The total EU funding available for these calls is €325 million, which should be topped up by additional financing from participating states of the Chips JU.
05/07/2024
Battery-electric vehicles from China: EU Commission imposes provisional countervailing duties
Nine months after the initiation of its anti-subsidy investigation, the EU Commission has imposed provisional countervailing duties on imports of battery electric vehicles (BEVs) from China. Based on the investigation, the Commission has concluded that the BEV value chain in China benefits from unfair subsidisation, which is causing a threat of economic injury to EU BEV producers.
04/07/2024
GPAI and OECD unite to advance coordinated international efforts for trustworthy AI
The OECD and the Global Partnership on Artificial Intelligence (GPAI) are joining forces to advance an ambitious agenda for implementing human-centric, safe, secure and trustworthy Artificial Intelligence (AI) embodied in the principles of the OECD Recommendation on AI.
04/07/2024
GSR-24: Regulation for the next stage of digital transformation
This year’s Global Symposium for Regulators, GSR-24, taking place in Kampala, Uganda, between 1 and 4 July, explores regulating for impact in ground-breaking fields of regulation such as artificial intelligence (AI), the space economy, and climate change.
02/07/2024
EU report on Digital Decade calls for strengthened collective action
The EU Commission’s analysis shows the identified gaps include the need for additional investments, both at EU and national levels, in particular in the areas of digital skills, high-quality connectivity, uptake of Artificial Intelligence (AI) and data analytics by enterprises, semiconductor production and start-up ecosystems.
02/07/2024
Data flows: EU-Japan deal enters into force
It is a milestone in our joint efforts to advance the digitalisation of both European and Japanese societies and economies. Its provisions will facilitate business on both sides, sending a strong signal against digital protectionism.
01/07/2024
SECURITY
Despite EU criticism: Hungarian PM Orbán meets Russian President Putin
Despite sharp and clear criticism by several EU leaders, Hungarian PM Viktor Orbán met Russian President Vladimir Putin in Moskau today. On its website, the Hungarian Government presents the meeting in the context of Hungary’s EU Council Presidency.
05/07/2024
NATO Secretary General: Our most urgent task at the Summit will be support to Ukraine
Secretary General Jens Stoltenberg previewed next week’s Washington Summit, stressing that support to Ukraine will be NATO’s “most urgent task. I expect heads of state and government will agree a substantial package for Ukraine,” he said.
05/07/2024
EU statement on Israeli military action in Khan Younis, Gaza
The European Union is deeply concerned about the Israeli army orders to evacuate civilians from the area of Khan Younis. Some 250,000 people are impacted by the evacuation orders. These orders also threaten the patients of the European Hospital, one of the few remaining partially functioning hospitals in southern Gaza.
05/07/2024
Country first, party second: Keir Starmer’s first speech as UK Prime Minister
“If you voted for Labour yesterday we will carry the responsibility of your trust, as we rebuild our country. But whether you voted Labour or not… In fact – especially if you did not… I say to you, directly… My government will serve you. Politics can be a force for good – we will show that. And that is how we will govern. Country first, party second” – UK Prime Minister Keir Starmer.
05/07/2024
Actions taken to stop Romanian human trafficking network – Eurojust
Coordinated efforts from Romanian and French authorities, with support from Eurojust and Europol, have led to the dismantling of a human trafficking network. The organised crime group (OCG) trafficked Romanian women into France for sexual exploitation.
05/07/2024
Russian minutes covering the Shanghai Cooperation Organisation Council in Astana
The President of Russia paid a two-day working visit to Astana to participate in a meeting of the Heads of State Council of the Shanghai Cooperation Organisation (SCO). He held a series of bilateral meetings on the sidelines of the summit. Insight EU Monitoring has collected the Kremlin’ minutes covering these meetings.
05/07/2024
Hungarian PM Viktor Orbán’s visits to Kyiv and Moscow – and the EU’s clarification
A visit of Hungarian Prime Minister Viktor Orbán to Russia has triggered tensions between the European Union and Hungary that had just taken over the EU Council Presidency on 1 July 2024. According to newly appointed EU High Representative Kaja Kallas, Orbán “is exploiting the EU presidency position to sow confusion. The EU is united, clearly behind Ukraine and against Russian aggression”.
05/07/2024
Cyprus Green Line Report: EU assistance increases trade and free movement
Today, the EU Commission published two reports illustrating the European Union’s continued support for Cyprus’ reunification: the annual report on the implementation of the Green Line Regulation in Cyprus in 2023 (the ‘Green Line Report’) and the annual report on the implementation of the Aid Programme for the Turkish Cypriot Community in 2023 (the ‘Aid Programme Report’).
05/07/2024
EEAS and UN comment on the situation of political prisoners in Belarus
The EU takes note of the release of a number of political prisoners in Belarus. We are relieved by the news that they finally reunited with their families and loved ones. Earlier this week, UN experts urged the Belarusian authorities to pardon or remit the sentence of all imprisoned older persons jailed on political charges.
04/07/2024
Belarus: Accession to Shanghai Cooperation Organization during summit in Astana
Belarusian President Aleksandr Lukashenko took part in the Shanghai Cooperation Organization (SCO) summit in Astana on 4 July. Completing the procedure for Belarus’ accession to the SCO as a member state was the main item on the summit’s agenda for Belarus.
04/07/2024
Hungarian Government: Orbán and Zelenskyy propose bilateral agreement
Ukrainian President Zelenskyy expressed his gratitude to Hungary for its humanitarian support for Ukraine, underlining that he believed that saving lives was the most important consideration.
04/07/2024
State of investigations of the Centre for Prosecution of Crime against Ukraine (ICPA)
Marking a historic moment, one year ago today, Eurojust launched the International Centre for the Prosecution of the Crime of Aggression (ICPA) – a unique judicial coordination platform dedicated to supporting national investigations into the crime of aggression related to the war in Ukraine.
04/07/2024
Launch ceremony of the new European Union Drugs Agency EUDA
The ultimate goal of the EUDA is to strengthen the European Union’s preparedness on drugs. New mechanisms have been created to help achieve this goal. These include a European Drug Alert System, to issue alerts when serious drug-related risks appear on the market, and a European Threat Assessment System.
03/07/2024
SUSTAINABILITY
Grünes Licht für deutsches Kraftwerkssicherheitsgesetz
Die Bundesregierung hat sich im Rahmen des Wachstumspakets für die Wirtschaft auch auf die Kraftwerksstrategie geeinigt. Diese setzt die im Februar dieses Jahres mit den Koalitionsspitzen gefundene Einigung um. Die Einigung ist auch mit den Dienststellen der Europäischen Kommission abgestimmt.
05/07/2024
Country first, party second: Keir Starmer’s first speech as UK Prime Minister
“If you voted for Labour yesterday we will carry the responsibility of your trust, as we rebuild our country. But whether you voted Labour or not… In fact – especially if you did not… I say to you, directly… My government will serve you. Politics can be a force for good – we will show that. And that is how we will govern. Country first, party second” – UK Prime Minister Keir Starmer.
05/07/2024
ESMA puts forward measures to support corporate sustainability reporting
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a Final Report on the Guidelines on Enforcement of Sustainability Information (GLESI) and a Public Statement on the first application of the European Sustainability Reporting Standards (ESRS).
05/07/2024
Eurogas Annual Renewable Gas Conference: Speech by EU Commissioner Simson
“Industry, stakeholders, Member States, European institutions – we all know how important decarbonised gases are. They provide flexibility to the energy system and will replace more carbon intensive fuels in maritime and aviation transport sectors” – EU Energy Commissioner Kadri Simson.
05/07/2024
Battery-electric vehicles from China: EU Commission imposes provisional countervailing duties
Nine months after the initiation of its anti-subsidy investigation, the EU Commission has imposed provisional countervailing duties on imports of battery electric vehicles (BEVs) from China. Based on the investigation, the Commission has concluded that the BEV value chain in China benefits from unfair subsidisation, which is causing a threat of economic injury to EU BEV producers.
04/07/2024
France: €10.82bn state support to offshore wind energy approved by EU Commission
The EU Commission has approved a €10.82 billion French scheme to support the deployment of offshore wind energy, which will help foster the transition towards a net-zero economy. The scheme was approved under the State aid Temporary Crisis and Transition Framework (‘TCTF’).
03/07/2024
Electricity trading with neighbours: ACER sees urgent need to maximise transmission capacity
In its 2024 Market Monitoring, ACER highlights the urgency for Transmission System Operators (TSOs) to meet their obligation of making 70% of transmission capacity available for cross-border electricity trading by the end of 2025.
03/07/2024
EFSA: Risk assessment of small organoarsenic species in food
EFSA has published a scientific opinion on the health risks of small organic arsenic species in food. This new assessment concluded that exposure to dimethylarsinic acid (DMA) compounds raises a health risk, unlike monomethylarsonic acid (MMA), which does not pose a health concern for any age group.
03/07/2024
Renewable hydrogen development in Chile: Remarks by EU Commissioner Simson
“The Global Gateway RH2 Funding Platform is a joint EIB KfW initiative with a budget of EUR 216.5 million. It will channel financing for developing projects for producing and using renewable hydrogen” – EU Commissioner Kadri Simson
03/07/2024
Germany: EU Commission approves amendments to German State aid scheme to compensate energy-intensive companies for indirect emission costs
The scheme was originally approved by the EU Commission on 19 August 2022. Under the scheme, the compensation is granted to eligible companies through a partial refund of the indirect emission costs incurred between 2021 and 2030.
03/07/2024
Portugal: EU Commission approves €45m state aid to shift freight from road to rail
The EU Commission has approved a €45 million Portuguese scheme to encourage freight traffic to shift from road to rail. The purpose of the scheme is to promote the modal shift of freight transport to rail, which is a greener mode of transport.
03/07/2024