These are the headlines of our weekly Insight EU Finance Monitoring, published last Friday night. We publish the headlines of our Insight EU Monitoring mails delayed by several days. To receive real-time monitoring emails, subscribe to our annual target group full-text services on the Insight EU Store page.
Remarks by Gita Gopinath, IMF First Deputy Managing Director, at the NBU-NBP Annual Research Conference, discussing the impacts from one such large shock, Russia’s invasion of Ukraine: its direct effects on Ukraine itself, on neighboring countries, and on the global economy.
A UNDP landmark public opinion research reveals an overwhelming majority around the world to support more ambitious efforts and to overcome geopolitical differences to fight climate crisis.
Today, the Commission took part in an exercise called “Cyber Europe”, designed to test the preparedness in case of a large-scale cyber-attack on Europe’s energy sector.
In the face of geopolitical uncertainties and Russia’s war of aggression against Ukraine, the Berlin Process participants reaffirmed the key role of the Berlin Process on its 10thanniversary in strengthening ties in connectivity, trade, energy, transportation, implementation of innovations, and green transition. Through its inclusive format that treats all Western Balkans countries as equals it serves as a catalyst of regional cooperation and accelerator of the EU integration process.
In June 2023, Mr Letta was appointed by the European Council to draft an independent high-level report on the future of the Single market, in consultation with member states. The final report is expected to be presented in April 2024.
Recent shocks have triggered supply side disruptions and a large rise in inflation. Inflation has now eased, but price and cost levels have shifted up compared to the euro area average, hurting competitiveness. Low and falling productivity growth could take a further toll on external performance and weigh adversely on Estonia’s longer-term growth prospects.
The Renew Europe family intends to make the prosperity and competitiveness agenda a pillar of the next mandate of the European Parliament and the European Commission.
The step paves the way for regular and predictable support to Ukraine under the EU’s up to €50 billion Ukraine Facility. Financing under the Facility will help Ukraine to keep its administration running, pay salaries and pensions, provide basic public services, and support recovery and reconstruction while it continues to defend itself against Russia’s aggression.
The European Commission’s funding will be channelled via humanitarian organisations to the most vulnerable in need suffering from consequences of the conflict in Sudan itself, but also those who have sought refuge in neighbouring countries.
The Commissioner will meet representatives of the digital finance, payments, and banking communities, and participate in several high-level meetings.
Croatia submitted to the Commission its fourth payment request of €162.5 million under the RRF, covering 9 milestones and 7 targets. These cover reforms in the areas of public administration, the judiciary, public procurement, early childhood education and care, as well as investments in the decarbonisation of the energy sector, electronic communications, research and innovation, and health.
Poland submitted to the Commission the first payment request of €6.3 billion under the RRF covering 37 milestones and one target. These cover five investments and 25 reforms in key areas such as improving the country’s investment climate, the resilience and competitiveness of the economy, agriculture, green energy, digital transformation, health and clean mobility.
The directive will better equip member states in their fight against organised crime and the associated illegal profits. It will also oblige EU countries to ensure that authorities have the resources they need for their activities. The rules will also apply to violation of sanctions.
The aid is meant to address the deteriorating macro-fiscal situation and financing needs of the country over the recent months, notably after the outbreak of the Gaza war, the Houthi attacks in the Red Sea and the repercussions of Russia’s war of aggression against Ukraine.
The Spanish economy has shown strong resilience amid weaker euro area growth and tighter financial conditions. Economic activity grew by 2.5 percent in 2023, underpinned by enhanced household purchasing power, higher public consumption, and solid services export performance in both tourism and non-tourism.
This is the final step of the ratification process of the agreement, through which the EU and Central America commit to a close, long-term relationship in all main policy areas.
While media attention has focused on state-sponsored disinformation campaigns and the targeting of our democratic institutions, attacks against digital supply chains – comprised of all external suppliers, partners, and service providers to our governments and operators of critical national infrastructure – pose a less visible but very significant threat.
Brussels, 18 July 2022 Russian aggression against Ukraine The Foreign Affairs Council exchanged views on
Brussels, 18 July 2022 The Council today approved conclusions on (FIMI). Russia’s invasion of Ukraine
Brussels, 18 July 2022 The Council today approved conclusions on EU digital diplomacy. Digital technologies have
Brussels, 15 July 2022 MEPs from the Pegasus and other spyware inquiry committee will travel
Bruxelles, 15 July 2022 Today, the Commission has decided to refer Hungary to the Court
A new in-depth analysis of all research projects funded by the European Research Council (ERC)
Brussels, 14 July 2022 The European Commission invites comments on commitments offered by Amazon to address competition
Brussels, 14 July 2022 The Commission welcomes the political agreement reached by the European Parliament
Brussels, 14 July 2022 The European Commission has published today a Report on Competition Policy
Brussels, 14 July 2022 Legislation setting up a roadmap for digital skills, infrastructure, businesses and
The EU Foreign Affairs Council today prolonged the application of the EU restrictive measures against the proliferation and use of chemical weapons imposed against 25 persons and 3 entities for an additional year, until 16 October 2025. They are subject to an asset freeze and EU persons and entities are forbidden from making funds, financial assets or economic resources available to them. In addition, a travel ban to the EU applies to the natural persons listed.
Cyber threats are constantly evolving, and we can expect them to become increasingly disruptive as technology advances and our financial system becomes more interconnected. In the past few months, ransomware attacks have disrupted the ability of some financial institutions to offer a variety of banking and market services, including Treasury clearance and settlement and access to online banking and ATM operations. These incidents were resolved without significant disruption to the broader market, but they are stark reminders of the potential for cyber incidents to generate broader, even systemic risks, and the importance of addressing these risks.
Russian banks continue to use software products from Oracle and Microsoft. Problems with the use of SAS and IBM systems are pushing financial institutions to look for alternative software products, such as Digital Q.Reporting and Polymatica. Thus, ineffective import substitution in the financial sector opens a window for potentially successful sanctions restrictions. Dependence on VMware and Citrix software forces Russian institutions to use their own alternatives, which have problems with functionality and reliability.
Unremitting conflict in Gaza has already sparked regional insecurity and is clear evidence that the international community needs to throw its weight behind a two-State solution in the Occupied Palestinian Territory to resolve the enduring crisis “once and for all”, UN Secretary-General António Guterres said on Wednesday.
Speaking at the annual World Economic Forum in Davos, Switzerland, the UN chief condemned the “barbaric” Hamas-led attacks on 7 October in which approximately 1,200 people were butchered in southern Israel and some 250 taken as hostages.
The OECD and the Government of the Kingdom of Saudi Arabia today signed a Memorandum of Understanding (MoU) to strengthen the co-operation in several policy areas, to support Saudi Arabia’s Vision 2030 and explore the Kingdom’s potential alignment with relevant OECD standards and best practices. The MoU will frame the future co-operation and pave the way for collaboration in a range of substantive areas, to support the development and coordination of public policy. It was signed during the World Economic Forum 2024 in Davos by OECD Secretary-General Mathias Cormann and Minister of Economy and Planning of the Kingdom of Saudi Arabia Faisal Alibrahim.
The Director of the Finnish Security and Intelligence Service is in charge of the operations of the Finnish Security and Intelligence Service and ensures its general operating conditions. The Director agrees with the Ministry of the Interior on the performance targets and appropriations of the Service and establishes the operational strategy and the priorities of the activities. The Director is also responsible for operationally important development projects, international contacts and stakeholder cooperation.
The Council of Europe’s work is guided by the action plan for 2023–2026, which has been developed in close consultation with the Ukrainian authorities and that builds on the results achieved during the previous action plan (2018–2022).
The Council of Europe supports Ukraine in strengthening human rights, democracy and the rule of law to align them with European standards. The Council of Europe Action Plan for Ukraine is also supporting the country’s economic recovery and reconstruction. The priority is to support Ukraine’s EU accession.
The State Secretary announced the latest drug figures in Vlissingen, together with the Belgian Minister of Finance, Vincent van Peteghem. In Belgium, drug seizures amounted to a total of 116,000 kg last year. That is also more than the previous year, when 109,000 kg was seized. Dutch and Belgian Customs are collaborating intensively in their battle against drug trafficking. The Dutch Customs diving team is active in Antwerp and the two countries are jointly collaborating with Latin America. The two Customs services are also closely cooperating on automatic image recognition in scans.
Today marks three years since Russian opposition politician Alexei Navalny returned to Russia. He was arbitrarily arrested, prosecuted and sentenced following his return from Germany, where he was receiving medical treatment after an assassination attempt on him in Russia. Mr Navalny was poisoned with a toxic nerve agent of the “Novichok” group banned under the Chemical Weapons Convention, to which the Russian Federation is a State Party.
A global year of elections has just begun. It is the hour of democracy, also here in Europe. But the world around us keeps spinning. We have two bloody wars that continue to rage just outside our borders. The human suffering is immense. And the shock waves are felt well beyond Ukraine and Gaza. After the energy and food crises set off by Russia, global trade is now being disrupted by Houthi terror in the Red Sea. Our world is in an era of confrontation and conflict, of fragmentation and fear. And this moment calls for focus and responsibility inside our Union. Only together can we address the grave challenges we face. And that is the greatest lesson we have learnt over those four years: When we stand united, Europe stands strong.
“For the global business community, the top concern for the next two years is not conflict or climate. It is disinformation and misinformation, followed closely by polarisation within our societies. These risks are serious because they limit our ability to tackle the big global challenges we are facing: changes in our climate – and our geopolitical climate; shifts in our demography and in our technology; spiralling regional conflicts and intensified geopolitical competition and their impacts on supply chains” – EU Commission President von der Leye at the WEF.
The European Banking Authority (EBA) today extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime.
Recent weeks have seen a steep increase in civilian casualties in Ukraine following an intensification of Russian attacks, the UN Human Rights Monitoring Mission in the country, HRMMU, said in a new report issued on Tuesday. Hundreds of people across the country were killed or wounded in drone and missile strikes in the 10-day period between 29 December and 8 January alone.
Today, the EU Council approved conclusions in view of the Conference of Parties on the Convention on biological diversity (COP16) and the meetings on the Cartagena protocol and the Nagoya protocol, to be held in Cali, Colombia, from 21 October to 1 November 2024. The conclusions will serve as the EU’s general negotiating position at the meetings.
Under the new rules, citizens will have immediate and easy access to their digital health data wherever they are in the EU. Health professionals will be able to access the medical records of a patient when required for treatment in a different Member State, allowing for evidence-based decision making, in full compliance with EU data protection rules. The EHDS also creates a strong legal framework for the re-use of health data for research, innovation, and public health purposes. The data will help develop life-saving treatments and personalised medicines, but also improve crisis preparedness, under strict data security and access conditions, and respecting fundamental rights.
Today, President of the European Commission Ursula von der Leyen is in Greenland to inaugurate the EU Office in Nuuk – Europe’s concrete presence in Greenland and in the wider Arctic region. Together with Prime Minister of Greenland Múte Bourup Egede, and in the presence of Prime Minister of Denmark Mette Frederiksen, President von der Leyen signed two cooperation agreements totalling almost €94 million, under Global Gateway, the EU investment strategy for the world. These will bring investments in education and skills on the island and support the clean energy transition.
The provisional political agreement on a European Health Data Space (EHDS), reached early on Friday by Parliament and the Belgian Presidency of the Council, outlines that patients will be able to access their personal health data electronically across the EU’s different healthcare systems.
EU Commissioner for Energy, Kadri Simson, will be in Washington, DC, and Houston from 15 to 19 March to further enhance energy cooperation between the EU and the US.
From lighting up our homes to powering industry and transport, energy plays a crucial role in our daily routines. But where does this energy come from? What types of energy do we use in the EU? How reliant are we on imports? Are we managing our energy consumption effectively? How are we advancing towards adopting renewable energy sources?
Today, the European Commission published its annual report on Safety Gate, the European Rapid Alert System for dangerous non-foods products. The report covers alerts notified in 2023, as well as the corresponding follow-up actions taken by national authorities of the EU Member States, Norway, Iceland, and Liechtenstein. In 2023, cosmetics was the most frequent type of product notified as posing a health risk. Last year marked the highest amount of alerts recorded since the launch of the system in 2003, which speaks to its increasing effectiveness and the crucial role it plays.
The European Parliament approved update of the EU design rules making them ready for the digital age asagreed with the Council on 5 December 2023. In reaction to the emergence of new technologies such as 3D printing and artificial intelligence, protection of EU design will apply not only to physical objects but also to those visualised in a graphic, apparent from the spatial arrangement of items and will include animations, maps and fonts. To prevent improper use, the protection will not apply to those designs reproducing aspects of cultural heritage, such as artefacts, natural or cultural monuments.
This first ACER report was drafted in close cooperation with National Regulatory Authorities (NRAs), with input from the European Network of Transmission System Operators for Electricity (ENTSO-E) and RCCs.
With the updated guidance documents, ACER aims to further improve data reporting under REMIT to ensure the integrity and transparency of the European energy markets.
With 297 votes in favour, 190 against and 37 abstentions, Parliament adopted the deal reached with the Council on the Euro 7 regulation. Vehicles will need to comply with the new standards for longer, ensuring they remain cleaner throughout their lifetime.
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