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.
Energy requirements reflect what an individual needs to maintain all bodily functions, depending on life stage and activity, and are essential for evaluating how well food supplies can meet the nutritional demands of a population. For the first time the IAEA is to help United Nations nutrition experts reevaluate human energy requirements: a key input for assessing global hunger.
The new rules implement the amendments to the Statute of the Court of Justice of the European Union and modernise the procedures before the two courts.
“At the beginning of this decade, many illusions have been shattered in Europe. The illusion that peace was achieved once and for all. The illusion that prosperity might matter more to Putin than his delusional dreams of empire. The illusion that Europe was doing enough on security – be it economically or militarily. Today, we cannot afford any more illusions. The second half of this decade will be high-risk” – EU Commission President Ursula von der Leyen.
The EU Council today reached an agreement on a financial assistance package to Ukraine, including an exceptional macro-financial assistance (MFA) loan of up to €35 billion and a loan cooperation mechanism that will support Ukraine in repaying loans for up to €45 billion provided by the EU and G7 partners.
The Canadian economy appears to have achieved a soft landing: inflation has come down almost to target, while a recession has been avoided, with GDP growth cushioned by surging immigration even as per capita income has shrunk. Housing unaffordability has risen to levels not seen in a generation, with demand boosted by immigration and supply facing continued challenges to expansion.
MEPs have selected 14 Vice-Presidents for the first half of the new legislative period. On Tuesday, in a secret vote by paper ballot, eleven Vice-Presidents were elected in the first round of voting, and three at the second and final ballot.
The EU Ecofin Council discussed the implementation of the Recovery and Resilience Facility and approved Germany’s modified recovery and resilience plan including a new REPowerEU chapter. The Council took forward work on the European Semester. It discussed the existence of excessive deficits in several member states, and the economic and financial impact of Russia’s war against Ukraine.
As part of the annual European Semester cycle, EU Ministers of employment and social affairs approved the employment and social aspects of member states’ country-specific recommendations (CSRs). They also discussed labour and skills shortages in the EU and held a policy debate on the social inclusion of persons with disabilities.
Roberta Metsola won the election in the first round of voting, where she received an absolute majority of 562 votes cast out of 699 by secret paper ballot, among two candidates. She will continue to lead Parliament for the first two and a half years of the 10th legislative term.
The EU Commission has confirmed Sweden’s participation in the European Public Prosecutor’s Office (EPPO). Sweden will officially join as of tomorrow. The EPPO will be able to start its operations and investigations in Sweden 20 days after the appointment of the European Prosecutor from Sweden by the EU Council, expected to take place in the autumn.
Today, the Council agreed its country-specific recommendations on the economic, social, employment, structural and budgetary policies of each member state. This step is part of the 2024 European Semester process, which enables member states to coordinate their economic, employment and fiscal policies. Get the details for all EU Member States.
The EU Council today approved the Commission’s positive assessment of Germany’s amended recovery and resilience plan. The amended plan now includes a new REPowerEU chapter worth €2.3 billion. This will contribute to accelerating Germany’s transition towards clean energy by increasing the share of renewables in the German energy mix.
The European Parliament was officially constituted on Tuesday in Strasbourg, following the European elections on 6-9 June 2024.
An International Monetary Fund (IMF) team led by Ms. Anke Weber conducted a staff visit to Albania during July 9-12, 2024, to discuss recent macroeconomic developments, the economic outlook, and policy priorities.
The meeting aimed to set the ground for further discussions between the UK and EU as the UK seeks to reset its relationship with the bloc and build closer cooperation on shared issues.
The EU Commission has approved, under the EU Merger Regulation, the acquisition of joint control of URUS Group LP (“URUS”), based in the United States, by CVC Capital Partners (“CVC”), based in Luxembourg, and Pon Holdings B.V. (“Pon”), based in the Netherlands.
This working paper, published by the EU Think Tank Bruegel, explores the tension between rapidly increasing artificial intelligence investment costs and the slower pace of productivity growth.
The European Commission opened a new set of calls for proposals under the 2023-2024 Work Programmes of the Digital Europe Programme to strengthen digital capacities across EU. These calls are open to businesses, public administrations, and other entities from the EU Member States, EFTA/EEA countries, and associated countries. The budget for this set of calls is over €176 million.
The European Commission was instrumental in brokering important outcomes at the 13th ministerial meeting of the World Trade Organization (MC13) that ended Friday in Abu Dhabi. After a week of intense engagement, EU negotiators secured important agreements on e-commerce, new rules to improve global services trade, environmental cooperation, and strengthening the position of developing countries in the global trading system.
Crypto assets have implications for macroeconomic and financial stability that are mutually interactive and reinforcing. Therefore, a comprehensive policy and regulatory response is necessary to address the risks of crypto assets. The International Monetary Fund (IMF) sees a key part of its mandate in the safety and soundness of the international monetary system, as well as global macroeconomic and financial stability.
Finland has joined the multilateral Joint Statement Endorsing Principles for 6G led by the United States. The joint statement was published at the Mobile World Congress in Barcelona on 27 February 2024. The joint statement contains an agreement on common principles that will guide the development of 6G nationally and internationally. By joining the joint statement, Finland will strengthen cooperation with its key strategic partners in future wireless communications networks.
The Rural Toolkit helps identify and take advantage of EU funding and support initiatives to foster development of digital infrastructure in rural territories. Tailor your search to find the suitable financial instruments, grant or technical assistance.
As a follow-up to the virtual meeting between Commissioner for Internal Market Thierry Breton and Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne on 1st February, the EU and Canada discussed next steps for increased cooperation in cybersecurity, artificial intelligence (AI), quantum science and semiconductors, public policy related to online platforms, secure international connectivity, and cyber security.
Advanced robotic solutions to automate manufacturing processes. +++ IoT sensors, drones and AI solutions for precision agriculture +++ Vehicle-to-infrastructure and vehicle-to-vehicle communications solutions to enable vehicle autonomy, and improve traffic flow in our congested cities +++ Sensors, trackers, and computer vision tools for retailers to manage inventory, improve warehouse operations, and coordinate along the supply chain.
The U.S. National Institute of Standards and Technology (NIST) has updated the widely used Cybersecurity Framework (CSF), its landmark guidance document for reducing cybersecurity risk. The new 2.0 edition is designed for all audiences, industry sectors and organization types, from the smallest schools and nonprofits to the largest agencies and corporations — regardless of their degree of cybersecurity sophistication.
Artificial intelligence is increasingly becoming part of our daily lives. For that reason, the presidency is dedicating its first citizens’ panel to the issue. Here we present the current European approach to AI.
With the Memorandum of Understanding, the European Parliament and ENEX seek to strengthen the collaboration between Parliament’s communication services and ENEX’s headquarters, to increase awareness and cooperation of each other’s services and to foster direct contacts.
The EU Council today reached an agreement on a financial assistance package to Ukraine, including an exceptional macro-financial assistance (MFA) loan of up to €35 billion and a loan cooperation mechanism that will support Ukraine in repaying loans for up to €45 billion provided by the EU and G7 partners.
“The new and stricter rules will strengthen our systems in the fight against money laundering and terrorist financing. A new agency based in Frankfurt will supervise the work of actors involved” – Vincent Van Peteghem, Belgian minister for finance, for the EU Council Presidency.
A migrant smuggling operation has been dismantled by Romanian and Moldovan authorities, with the support of Eurojust. From 2019 until now, an organised crime group (OCG) smuggled over 100 migrants to the Schengen Area, demanding up to EUR 5 000 for the transport.
The European Union continues to call on Azerbaijan to release all those imprisoned for exercising their fundamental rights, and to ensure dignified and safe conditions for detainees, including their full access to health and independent legal services.
“China faces significant fiscal challenges, especially for local governments. Sustained fiscal consolidation over the medium term is needed to stabilize debt, while restructuring the unsustainable debt of local government financing vehicles can help reduce fiscal strains” – IMF staff report.
Minister Szijjártó welcomed that Romanian President Klaus Iohannis, an “eastern candidate” for the post, had emerged.
“We have around 80 dialogues and consultations on peace, security and defence with over 40 partners. 80 structural permanent dialogues on peace and security with 40 partners. We provide military support to over 20 countries through our European Peace Facility – in Africa, in South Caucasus, [or] in the Middle East” – EU HR Borrell.
Since 2011, the European Union and its Member States have been the largest donors of humanitarian and resilience assistance to Syria and the region providing to date over €33 billion in response to the Syrian crisis.
The EU deeply regrets that the Georgian Parliament decided to override the President’s veto on the law on transparency of foreign influence, and to disregard the Venice Commission’s detailed legal arguments leading to a clear recommendation to repeal this law.
“Organised crime is not only a threat to life and security but also to democracy and society. Europol’s recent mapping of 821 most threatening criminal networks shows they are very resilient. One third of the criminal networks have been there for more than ten years” – EU Commissioner Johansson.
The funding will support food security and assistance for malnutrition, health care and protection, water, sanitation and hygiene, shelter and education activities, as well as the transportation of humanitarian workers and supplies to remote and inaccessible locations.
Mit dem Treffen in Meseberg setzten Präsident Macron und Bundeskanzler Scholz um, was sie zum 60. Jahrestag des Elysée-Vertrags miteinander vereinbart hatten: neben Klausurtagungen im Vollformat soll es immer wieder Begegnungen in kleineren Zusammensetzungen geben, um sich aktuellen Themen zu widmen.
“The governments of Spain, Norway and Ireland have chosen to cooperate with the Nukhba terrorists and bolster the terrorist monster – recognition of a Palestinian state constitutes the renunciation of our hostages”, said Israeli minister Katz.
Norway’s Minister of Energy Terje Aasland delivered this speech at the minister meeting in the G20 energy transition working group in Foz do Iguaçu, Brazil on October 4th 2024, explaining Norway’s apporach to Carbon Capture, Utitlisation, and Storage.
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).
“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.
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.
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’).
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.
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.
“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
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.
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.
The EU Commission has approved a €158 million Dutch scheme to support the investments for the production of equipment necessary to foster the transition to a net-zero economy, in line with the Green Deal Industrial Plan.
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