The European Union's powerful lending arm, the European Investment Bank, expects to back its first 'debt-for-nature' swap this year as it bolsters efforts to stem biodiversity loss, Reuters reported. Debt-for-nature swaps, which help countries cut their debt in return for conservation commitments, are attracting growing interest after Ecuador's record $1.6 billion deal last month to protect the Galapagos Islands. "We are working with a number of countries," Maria Shaw-Barragan, a Director of Lending at the 'EIB Global' arm of the bank that lends outside the EU, told Reuters.
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European Union
The European Union was set to unveil on Tuesday an aid package for Ukraine worth 50 billion euros ($55 bln), two officials said ahead of a formal announcement, Reuters reported. The figure - due to be unveiled by European Commission President Ursula von der Leyen - comes after a review of the bloc's 2021-27 budget and ahead of an international conference in London on Wednesday and Thursday on raising funds to rebuild Ukraine from a war Russia unleashed on it a year and a half ago.
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The European Commission asked EU governments on Tuesday to come up with an extra 10 billion euros for 2024-27 to leverage a total of 160 billion euros worth of investment in key technologies, including renewable energy, Reuters reported. The call comes as the European Union executive is reviewing the bloc's long-term budget that totals around 1% of the EU's GDP and pays for various joint European policies.
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The European Union took an important step on Wednesday toward passing what would be one of the first major laws to regulate artificial intelligence, a potential model for policymakers around the world as they grapple with how to put guardrails on the rapidly developing technology, the New York Times reported. The European Parliament, a main legislative branch of the European Union, passed a draft law known as the A.I. Act, which would put new restrictions on what are seen as the technology’s riskiest uses.
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EU tech chief Margrethe Vestager said on Wednesday she believed a draft code of conduct on artificial intelligence (AI) could be drawn up within weeks, allowing industry to commit to a final proposal "very, very soon," Reuters reported. Policymakers and many in industry have expressed concern about AI, and particularly content-creating generative AI such as ChatGPT, with some equating it to the risks posed by pandemics or nuclear war. Vestager said the U.S. and European Union should push a voluntary code of conduct to provide safeguards while new laws are developed.
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European Union governments decided on Tuesday to nearly double the amount of EU financial support to Moldova to a total of 295 million euros ($324.74 million), the Swedish presidency of the EU said, Reuters reported. The decision comes just days before a meeting of the European Political Community in Moldova on June 1, as the EU seeks to quell pro-Russian sentiments in parts of Moldova. "Moldova can continue to count on the EU. We will continue to support Moldova, also financially.
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UBS on Thursday won unconditional EU antitrust approval to acquire Credit Suisse as part of a government-orchestrated rescue of its Swiss rival, Reuters reported. The European Commission said the deal would not raise competition concerns in Europe, confirming a Reuters story earlier this month. "The combined entity will continue facing significant competitive pressure from a wide range of competitors in all of those markets, including several major global banks as well as specialist providers and strong local players," the EU competition watchdog said in a statement.
As it marked its 25th anniversary Wednesday, the European Central Bank is readying a proposed design for a digital version of the euro, responding to pressure from developing technology that could change how money is used over the bank’s next decades, the Associated Press reported. ECB President Christine Lagarde says a digital euro could offer a way for people to buy things without depending on payment service providers controlled by non-European companies. Those could include Mastercard, Visa, Apple Pay and Google Pay.
The European Union's executive body said on Wednesday it has formally adopted a draft memorandum of understanding (MoU) to allow financial regulators from Britain and the bloc to cooperate more closely, though stopping short of market access, Reuters reported. Britain has left the EU, largely severing its financial sector's previously unfettered access to the bloc. As part of Britain's Brexit terms with the bloc, the EU agreed to formalise cooperation between financial watchdogs, but it was put on hold by Brussels following disagreements between the bloc and Britain over Northern Ireland.
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European Union states on Tuesday gave the final nod to the world's first comprehensive set of rules to regulate cryptoassets on Tuesday, piling pressure on countries such as Britain and the United States to play catch up, Reuters reported. An EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April. The rules are expected to be rolled out from 2024. Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX.
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