Europe

EU finance chief calls for banking framework overhaul

Maria Luís Albuquerque, the EU finance chief, has called for a comprehensive overhaul of the banking framework established after the 2008 financial crisis, stating that previous solutions are no longer adequate for current challenges. This appeal highlights the need for a reassessment of regulatory measures to address evolving financial landscapes.

EPP Aligns with Far-Right on Controversial Migration Regulation

The European People’s Party (EPP), led by shadow rapporteur François-Xavier Bellamy, is aligning with far-right groups to support a controversial migration regulation ahead of a key vote scheduled for March 9. This alternative draft introduces stricter obligations for migrants and the establishment of 'return hubs' outside the EU, potentially sidelining liberal rapporteur Malik Azmani from the Renew group, who had sought a broader compromise. The proposal has faced significant backlash, with over 70 civil society organizations urging the EU to halt the regulation due to concerns over its implications for immigration enforcement.

Italy to Deploy Military Support for Gulf Allies

Italy has announced military support for Gulf countries facing potential Iranian retaliatory strikes, deploying air defense systems and coordinating with European allies to protect Cyprus. Prime Minister Giorgia Meloni emphasized the initiative's focus on defensive measures, citing the presence of tens of thousands of Italians in the region and the strategic importance of Gulf energy supplies. Defence Minister Guido Crosetto confirmed that Italy, alongside France, Spain, and the Netherlands, will send naval assets to bolster EU member Cyprus's defenses.

EU Proposes National Oversight for AI in Justice

EU capitals are advocating for national oversight of certain police and judicial applications of artificial intelligence as part of a new AI simplification package. A draft code of practice also proposes easing transparency obligations, making many measures optional, including the introduction of an EU deepfake icon.

EU Leaders Propose 'Buy European' Clause for Tech Independence

EU leaders are considering a 'buy European' clause aimed at reducing dependencies in critical sectors such as artificial intelligence, quantum computing, cloud services, chips, and space, as part of draft Council conclusions intended to enhance resilience, growth, and job creation. This initiative reflects ongoing efforts to bolster the European economy and secure technological independence.