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.
The EU has reached its target of filling gas storage facilities to 90% of capacity well over 2 months ahead of the 1 November deadline, according to the latest figures released today by Gas Infrastructure Europe.
The Arctic is experiencing dangerous changes because of amplifying climate effects, warming at four times faster than the rest of the world. There is a growing inclination towards embracing sustainable solutions, notably in energy and resource extraction. But what would be the impact of such sustainable meassures on vulnerable communities?
The EU Commission has disclosed to interested parties the draft decision to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China. This draft decision reflects the comments received from interested parties on the provisional countervailing duties published on 4 July 2024, as well as the conclusion of a number of investigative steps that had not been finalised at provisional stage.
The European Commission has today raised €11 billion of EU-Bonds in its 9th syndicated transaction for 2024. The dual-tranche transaction concerned a €5 billion tap of the EU-Bond maturing on 6 December 2027, and a €6 billion tap of the EU-Bond maturing on 4 October 2039.
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is seeking input on draft guidelines and technical standards under the revised Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive.
The economy is approaching a soft landing, with growth recovering faster than expected after a mild technical recession in 2023. Inflation has fallen rapidly to near-target from last year’s double-digit levels, due to the reversal of the energy price shock and the demand impact of tight monetary policy.
Mortgage loans: the transparency of ‘floor’ clauses may be reviewed in the context of a collective action concerning the entire banking system of a country.
The EU Commission has opened an in-depth investigation to assess whether a German recapitalisation measure of €6 billion in favour of Deutsche Lufthansa AG was in line with EU State aid rules. In 2020, the measure was initially approved by the Commission, but subsequently annulled by the EU General Court in May 2023. An appeal submitted by Lufthansa is still pending.
“Russia’s economy is currently growing strongly thanks to the defence boom; however, in the long term, the sanctions could act like a slow working poison”, says Vasily Astrov, Russia expert at the Vienna Institute for International Economic Studies (wiiw).
These are the headlines of our weekly Insight EU Finance Monitoring, published each Friday.
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.
“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.
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).
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.
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.
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.
Today, the EU Commission has adopted the second Work Programme for the digital part of the Connecting Europe Facility (CEF) Digital, which defines the scope and objectives of EU-funded actions to improve Europe’s digital connectivity infrastructures. These actions will receive around €865 million of funding from 2024 to 2027.
The Commission preliminarily found that Apple enjoys significant market power in the market for smart mobile devices and a dominant position on mobile wallet markets on iOS. Apple Pay is the only mobile wallet solution that may access the necessary hardware and software (‘NFC input’) on iOS to enable mobile payments in physical stores. Apple does not make it available to third-party mobile wallet app developers.
While efforts to regulate artificial intelligence (AI) both globally and in the United States intensify, the prospects for broad Congress-passed legislation remain doubtful. In October 2023, President Biden issued a wide-reaching executive order on safe, secure and trustworthy AI. It is a positive step, but implementation will be challenging.
In the past year, the explosion of generative Artificial Intelligence (GenAI) in the public consciousness has created both excitement and trepidation. GenAI has the potential to change how we work, learn, play, and consume information. In response to this technology – and leaning into the momentum driven by the Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence – the Commerce Data Governance Board launched the AI and Open Government Data Assets Working Group. This working group is tasked with developing guidelines for publishing Commerce data that can be consumed by emerging AI technologies such as GenAI.
In a resolution adopted by 532 votes to 61 and 33 abstentions, MEPs ask for the imbalance in revenue allocation from the music streaming market to be addressed, as it currently leaves a majority of authors and performers with very low compensation. They insist on a new EU legal framework for the sector, for which currently no European Union rules apply, even though streaming services are the main way that people access music.
The EU Commission strategy on Web 4.0 and virtual worlds defines virtual worlds as persistent, immersive environments based on 3D and extended reality (XR) technologies. Although the communication does not yet propose specific legislative measures, MEPs urge the Commission to regularly assess the adequacy of existing rules and legal instruments and to present new legislation as needed.
In a resolution, which was drafted by rapporteur Klemen Grošelj (Renew, SI) and adopted by 565 votes to 26 and 31 abstention, MEPs examine how China, through its so-called military-civil fusion (MCF) strategy, is increasingly gaining access to and exercising influence over European critical infrastructure. This includes sectors of vital importance for the EU, such as transport infrastructure and ports, telecommunications networks, rare metals and undersea cables.
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.
Judicial cooperation procedures are still taking place on paper today. The new rules will change that, significantly improving the efficiency of judicial cooperation and the access to justice for citizens and companies, as well as the quality and transparency of justice. The Regulation will also make it possible for citizens and businesses to launch requests or communicate with judicial authorities in cross-border situations. The so-called European electronic access point, an interface for launching small claims against a defendant in another Member State, will be set up on the European e-Justice Portal. This will help consumers to obtain redress.
Sechs Bundesbehörden mit Sitz in Bonn haben das „Digital Cluster Bonn“ gegründet. Mit der Initiative wollen die Behörden ihre Zusammenarbeit zu allen Aspekten der Digitalisierung ausbauen. Mitglieder des „Digital Cluster Bonn“ sind: die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), das Bundesamt für Justiz (BfJ), das Bundesamt für Sicherheit in der Informationstechnik (BSI), der Bundesbeauftragte für den Datenschutz und die Informationsfreiheit (BfDI), das Bundeskartellamt (BKartA) und die Bundesnetzagentur (BNetzA).
European Union Statement delivered by Axel de la Maisonneuve, ECOSOC Ambassador and Head of Sustainable Development at the EU Delegation to the UN, at the 78th Session of the United Nations General Assembly: Presentation of the UN Secretary-General’s AI Advisory Body Interim Report – Governing AI for Humanity.
Today, the EU launched a Humanitarian Air Bridge operation consisting of three flights from Dubai and Brindisi with the first one reaching Beirut on 11 October. The flights will transport EU-owned stocks including hygiene items, blankets and emergency shelter kits, among other items.
“The EU stands with the Georgian people and their choice in favour of democracy and of Georgia’s European future. The intimidation, threats, and physical assaults on civil society representatives, political leaders and journalists, as well as their families are unacceptable. We call on the Georgian authorities to investigate these documented acts” – EU and EEAS statement.
The EU Council today adopted a decision extending the mandate of the European Union Advisory Mission for Civilian Security Sector Reform in Ukraine (EUAM Ukraine), until 31 May 2027.
The EU Council endorsed the ‘Ukraine Plan’ setting out the intentions of the Ukrainian government regarding recovery, reconstruction, and modernisation of the country and its EU accession process, in the next four years.
This framework, adopted in July 2023, currently prohibits the export of components used in the construction and production of Unmanned Aerial Vehicles (UAVs) from the EU to Iran, and provides for travel restrictions and asset freeze measures against persons responsible for, supporting or involved in Iran’s UAV’s programme.
“Europe will win the REPowerEU challenge if it wins its renewables challenge, not just if it diversifies from one gas supplier to many others” – EU Commissioner Simson.
In connection with the Nordic summit in Stockholm on 13–14 May, in which Germany also took part, Mr Kristersson and Mr Scholz signed a strategic innovation partnership for security and digital and green transition.
The Pact on Migration and Asylum was presented by the Commission in September 2020. Alongside non-legislative initiatives, the Pact represents a fresh start on managing migration. Over three years later, the European Parliament and the Council reached political agreement on 5 of the key files in a historic breakthrough.
The EU Council adopted a landmark reform of the European asylum and migration system. This establishes a set of rules that will help to manage arrivals in an orderly way, create efficient and uniform procedures and ensure fair burden sharing between member states.
US President Biden signed into law a historic series of actions that will strengthen our nation’s energy and economic security by reducing—and ultimately eliminating—our reliance on Russia for civilian nuclear power.
Das Bundesamt für Verfassungsschutz darf die Partei „Alternative für Deutschland (AfD)“ und ihre Jugendorganisation „Junge Alternative für Deutschland (JA)“ als Verdachtsfall beobachten und die Öffentlichkeit hierüber unterrichten.
According to the Constitution of the Russian Federation, Prime Minister Mikhail Mishustin submitted his proposals on the new Government to the State Duma for consideration.
Russian President Putin appoints First Deputy Prime Minister Andrei Belousov to the post of Russian Defense Minister, replacing Minister Shoigu who was appointed as Secretary of the Security Council of the Russian Federation.
On Thursday and Friday, EU Climate Commissioner Wopke Hoekstra will participate in the Pre-COP29 meeting in Baku, Azerbaijan. With just a month to go until the COP29 UN Climate Change Conference (11 – 22 November), this meeting is a key opportunity for ministers from across the globe to come together ahead of the formal UN climate negotiations.
According to the European Court of Auditors (ECA), the EU did initiate crisis-response measures, but their impact often cannot be demonstrated. The EU’s security-of-supply architecture seems still incomplete. And solidarity between EU Member States leaves a lot to be desired.
The European Food Safety Authority (EFSA) has updated its Independence Policy, further strengthening the measures it has in place to manage the interests of the scientific experts and professionals with whom it works and to guard against undue influence.
Expanding the capacity of the European electricity system requires not only securing investments but also enhancing the efficiency of infrastructure by deploying smart solutions, which can be faster and more cost-effective than conventional grid options.
Manufacturers, non-governmental organizations, industry associations and sustainability initiatives in almost 30 countrieshave demonstrated the positive impacts of tracing cotton, leather, synthetic, cellulose and wool-based products throughout the world, from production to use, and beyond.
EU health ministers approved conclusions on the future of the European Health Union and discussed the state of play of the pharmaceutical package. They also adopted a recommendation on vaccine-preventable cancers as part of Europe’s Beating Cancer Plan.
The EU Council has adopted a recommendation that aims to combat vaccine-preventable cancers in the EU by boosting the uptake of vaccinations against Human papillomaviruses (HPV) and Hepatitis B virus (HBV).
The EU Commission has approved an estimated €3 billion German scheme to support the construction of the Hydrogen Core Network (‘HCN’). The measure will contribute to the achievement of the objectives of the EU Hydrogen Strategy and ‘Fit for 55’ package.
The EU Council agreed its negotiating mandate on the directive which will amend the water framework directive, the groundwater directive and the directive on environmental quality standards. The proposal updates priority substances and environmental quality standards in surface water and groundwater.
The European Union and its Member States announced that they will contribute over €750 million (more than $800 million), including close to €220 million ($233 million) from the EU budget, to the African Vaccines Manufacturing Accelerator (AVMA) launched today in Paris.
A large European Alternative Fuels Observatory (EAFO) survey across 12 EU Member States, published today, presents a favourable outlook on battery-electric cars (BEV). Despite price concerns, 57% of non-electric car drivers are considering making the switch to electric vehicles.
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