European Union

Nausicaa Anadyomène and Banque d'Escompte v ECB
Law governing the institutions
The ECB is not bound to make good the loss allegedly sustained in 2012 by commercial banks holding Greek debt instruments in connection with the restructuring of Greek debt

Private industrial involvement in designing, building and operating space assets isn’t new. Large European companies like Airbus Defence and Space can boast more than 50 years of involvement in manufacturing space hardware, and smaller ones like Austria’s Magna Steyr can enthrall audiences with the story of how they came to be a world expert in building cryogenic feed systems for Ariane rockets.

What is new is the leadership the commercial space sector is showing in setting the space agenda. They are finding solutions to problems of space sustainability. They are shouldering serious business risk. And they are boldly identifying business opportunities worthy of substantial private investment.

As recently as a decade ago, it was rare to see private businesses represented at international gatherings focused on multilateral space policy. Today they are active participants in briefing United Nations forums such as the Committee on the Peaceful Uses of Outer Space and the High-level Forum preparing UNISPACE+50 – often there by invitation as others seek their expertise and insight.

The recently-founded Hague Space Resources Governance Working Group, which looks to identify policy building blocks to facilitate fair and orderly development of raw materials in space, has a wide range of members, including businesses. The government members of the Group on Earth Observations are actively considering giving business a greater say on the GEO’s work.

Winston Churchill likened private enterprise to a healthy horse, pulling a sturdy wagon. But space businesses are increasingly involved in designing the cart and setting its direction.

“The commercial space sector is showing leadership, finding solutions to problems, shouldering business risk and identifying business opportunities”

As private industry becomes more heavily engaged in space as a business opportunity, it also becomes less willing to wait for governments to overcome barriers to operating a successful business in the harsh environment of space. This phenomenon has been a driving force in the emergence of the European-born Space Data Association. This association adds member-provided ephemeris data (on location, timing and ‘health’ of objects) to government-generated surveillance and tracking information, dramatically improving the ability of satellite operators to make informed decisions about avoiding collision with the orbiting assets of other operators.

There are also a growing number of private solutions being proposed to address the hazard that space debris presents to space activity. The days when we look only to government laboratories for this kind of research are behind us – even if space entrepreneurs have yet to show that they can close a debris removal business plan without substantial public investment.

There are important changes in the way the private space commerce community is reacting to, and with, public investment. Where once the holy grail of space commerce was a government contract that covered costs and guaranteed a profitable return,  businesses and governments are increasingly seeking more traditional purchase contracts for space services and assets.

When the American company SpaceEx lost a rocket and its payload to a launchpad explosion in September 2016, the company and its financial backers had to accept the resulting loss of income as a cost of doing business. That loss has been estimated at US$250m. Had the company’s return to flight in January 2017 not been successful, there is a chance that the company could have suffered irreparable damage. SpaceX clearly benefits from large government contracts, but what is changing is that it also shoulders considerably more business risk than was the case for space companies a decade or two ago.

“Private business’s greatest contribution to the human experience of space might prove to be its creativity”

What may yet prove to be private business’s greatest contribution to the human experience of space is the creativity with which this part of the space sector turns technical and scientific discoveries into business ideas. Private funding, creativity, and capital are moving ahead with plans that are pressing frontiers and, presenting challenges that were not part of the space activity environment until very recently. Virgin Galactic is pressing forward with a vision of suborbital space flights for private citizens in spite of reversals. Swiss entrepreneurs at S3 are seeking to demonstrate active debris removal capability with their robotic space plane. The Sierra Nevada Corporation is converting an abandoned NASA lifting body project into a Dream Chaser spacecraft with the potential for worldwide service.

All of these trends taken together have implications not only for the future of privately-funded, profit-seeking operations in space but for public space programmes as well. As private initiatives make progress on the ways to provide reliable space activities at reduced costs they increase their attractiveness to national space agencies and publicly-funded space projects. Former European Space Agency director Jean-Jacques Dordain made this point very clearly several years ago at a Global Networking forum sponsored by the International Astronautical Federation. Acknowledging the ESA’s support for the trend toward greater involvement of the private sector in publicly-funded space projects, he also noted pointedly “We want reduced costs.”

Fortunately, that’s what the commercial space sector wants too. In 2004 SpaceX founder Elon Musk told participants at the International Space University’s symposium that he expected to reduce the cost of launch by an order of magnitude and “maybe by two”.

Proposed new architectures, techniques or approaches are increasingly presented in terms of their promise to offer increased value and broader benefit at reduced cost. Businesses that deliver on these promises have a solid foundation for success.  Those that don’t are likely to fail. Business is like that.

IMAGE CREDIT: CC/Flickr – NASA Johnson

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The parliament of French-speaking Wallonia, a region of Belgium, last year came perilously close to derailing years of work on an EU-Canada trade deal that may turn out to be the main achievement of Ms Malmström’s time in office.

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Downing Street has been accused of covering up a Trident missile malfunction weeks before a crucial Commons vote on the future of the submarine-based missile system.

A Trident II D5 missile test ended in failure after it was launched from the British submarine HMS Vengeance off the coast of Florida in June 2016. The weapon is 13 metres long, weighs 60 tonnes and can carry nuclear warheads with up to eight times the destructive capacity of the bombs that hit Hiroshima and Nagasaki in the second world war. Trident missile can hit a target 4,000 nautical miles away and be accurate to within a few metres.

The problem is that when HMS Vengeance, one of the UK’s four nuclear submarines, test-fired the missile off the coast of Florida, the missile was not out by a few metres but several thousand miles. It had been targeted at the southern Atlantic off the coast of west Africa. Instead, it was heading in the opposite direction, over the US.

The four previous UK tests – in 2000, 2005, 2009 and 2012 – were successful, it was the only firing test of a British nuclear missile in four years and raises serious questions about the reliability and safety of the weapons system. But the error was hushed up. The cause of the failure remains top secret, but quotes a senior naval source saying the missile, which was unarmed for the test, suffered an in-flight malfunction after launch. According to defence sources, the missile did not veer off in the wrong direction because it was faulty but because the information relayed to it was faulty. This explanation is not reassuring.

It was reportedly intended to be fired 5,600 miles to a sea target off the west coast of Africa but may have veered off towards America instead. There was a major panic at the highest level of government and the military after the first test of our nuclear deterrent in four years ended in disastrous failure. In July, MPs voted by 472 to 117 to back the renewal of Britain's Trident nuclear deterrence. The overwhelming vote supported the Government's plans to spend up to £40 billion on four new Successor-class submarines.

Some analysts say the fact that UK tests are infrequent is not important because the US tests much more frequently and both share the underlying technology. There are over 150 tests over almost 30 years, with a sub-3% failure rate, and well under 1% since British submarines began carrying the missiles.

Source
http://www.independent.co.uk/
http://www.thetimes.co.uk/
https://www.theguardian.com

Tag: HMS VengeanceTridentnucléaire

General : Parliament’s environment committee votes on Tuesday 24 January to amend a European Commission proposal on waste management, the so-called waste package, which is a priority for the EU for this year. In previous resolutions Parliament has called for more ambitious targets. This vote is the first step towards entering negotiations with the Commission and Council.

Source : © European Union, 2017 - EP

General : Parliament’s environment committee votes on Tuesday 24 January to amend a European Commission proposal on waste management, the so-called waste package, which is a priority for the EU for this year. In previous resolutions Parliament has called for more ambitious targets. This vote is the first step towards entering negotiations with the Commission and Council.

Source : © European Union, 2017 - EP

AMENDMENTS 1 - 229 - Draft report Constitutional, legal and institutional implications of a common security and defence policy: possibilities offered by the Lisbon Treaty
Committee on Foreign Affairs, Committee on Constitutional Affairs

Source : © European Union, 2017 - EP

General : The international trade committee votes on 24 January on the Comprehensive Economic Trade Agreement or Ceta, but this free trade agreement with Canada is far from the only deal the EU is working on. Various deals are currently being negotiated right across the globe, but they can only enter into force if the European Parliament approves them. Read on for an overview of the negotiations in progress and an explanation of how the process works.

Source : © European Union, 2017 - EP

General : The international trade committee votes on 24 January on the Comprehensive Economic Trade Agreement or Ceta, but this free trade agreement with Canada is far from the only deal the EU is working on. Various deals are currently being negotiated right across the globe, but they can only enter into force if the European Parliament approves them. Read on for an overview of the negotiations in progress and an explanation of how the process works.

Source : © European Union, 2017 - EP

General : This week members of Parliament’s international trade committee vote on whether to approve Ceta, the EU-Canada trade deal. The environment committee votes on measures on waste reduction and recycling. Newly-elected Parliament President Antonio Tajani opens an event on Wednesday marking International Holocaust Remembrance Day.

Source : © European Union, 2017 - EP

General : This week members of Parliament’s international trade committee vote on whether to approve Ceta, the EU-Canada trade deal. The environment committee votes on measures on waste reduction and recycling. Newly-elected Parliament President Antonio Tajani opens an event on Wednesday marking International Holocaust Remembrance Day.

Source : © European Union, 2017 - EP

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The second “Union for the Mediterranean Regional Forum. Mediterranean in Action: Youth for Stability and Development” is held on 23 and 24 January 2017 at the Palau de Pedralbes in Barcelona.

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AMENDMENTS 230 - 458 - Draft report Constitutional, legal and institutional implications of a common security and defence policy: possibilities offered by the Lisbon Treaty
Committee on Foreign Affairs, Committee on Constitutional Affairs

Source : © European Union, 2017 - EP

Written by Didier Bourguignon (6th edition)

© daizuoxin / Fotolia

Despite significant progress in recent decades, air pollution levels in the European Union still have adverse impacts on the environment and on health. The European Commission estimates that health-related costs of air pollution in the EU range from 390 to 940 billion euros per year.

The proposed directive, which would replace the current National Emission Ceilings Directive, sets binding national reduction objectives for six air pollutants (SO2, NOx, NMVOCs, NH3, PM2.5 and CH4) to be met by 2020 and 2030. It will also implement the Gothenburg Protocol as amended in 2012. The European Commission estimates that implementation costs would range from 2.2 to 3.3 billion euros per year.

After completion of the legislative procedure at first reading in the European Parliament and the Council, the presidents of the co-legislators signed the final act on 14 December 2016. Member States are required to transpose the new directive into national law by 1 July 2018.

Versions

• January 2017: Reducing air pollution: National emission ceilings for air pollutants (6th edition)
• October 2016: Reducing air pollution: National emission ceilings for air pollutants (5th edition)
• November 2015: Reducing air pollution: National emission ceilings for air pollutants (4th edition)
• September 2015: Reducing air pollution: National emission ceilings for air pollutants (3rd edition)
• May 2015: Reducing air pollution: National emission ceilings for air pollutants (2nd edition)
• March 2015: Reducing air pollution: National emission ceilings for air pollutants (1st edition)

Proposal for a Directive of the European Parliament and of the Council on the reduction of national emissions of certain atmospheric pollutants and amending Directive 2003/35/EC

Committee responsible:

Rapporteur:

Environment, Public Health and Food Safety (ENVI)

Julie Girling (ECR, UK)

COM(2013)920 of 18.12.2013

procedure ref.: 2013/0443(COD)

 

Ordinary legislative procedure

Procedure completed: Directive (EU) 2016/2284

OJ L 344, 17.12.2016, p. 1

 

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Filed under: Economic and Social Policies, PUBLICATIONS Tagged: air quality, briefings, CO2 emissions, Didier Bourguignon, environment, EPRS briefings, EU Legislation in Progress, pollution

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Now he is the runner up in the first round of the Socialist Party’s primary contest, behind a man who once resigned in protest at his polices, and who has promised to repeal his government’s signature labour law.

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The continuing security challenges in the Baltic sea region continue to constitute an issue of concern for the EU's security and defence policy. On 25 January, the SEDE committee will meet Lieutenant Colonel Jyri Raitasalo, Strategic Planning, Finnish Ministry of Defence and Commander Håkan Andersson, Military Advisor, Department for Security policy and International relations at the Swedish Ministry of Defence to discuss their national perspectives on the current situation in the Baltic sea.
Further information
Draft agenda and meeting documents
Source : © European Union, 2017 - EP

Written by Angelos Delivorias (2nd edition),

© duncanandison / Fotolia

The European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) are collective investment schemes that have been harmonised at European Union (EU) level since 2011 by means of two Regulations: (EU) No 345/2013 (EuVECA) and (EU) No 346/2013 (EuSEF). In its 2016 review, the Commission noted that these funds remain small and concentrated in a few Member States and that, while the take-up of EuVECA could be considered successful, the EuSEF results have been disappointing. Three main obstacles to further growth have been identified: limitations imposed on managers; product rules; and the (varying) application of regulatory fees in Member States with regards to funds’ marketing and management. To overcome those obstacles, the Commission has identified some measures that − by removing limitations on larger managers managing EuVECA and EuSEF funds, decreasing costs for EuVECA and EuSEF funds, and broadening the range of eligible assets EuVECA funds may invest in − should increase investment into these funds.

Interactive PDF

• Reviving risk capital: The proposal to amend EuVECA and EuSEF

Proposal for a Regulation amending Regulation (EU) No 345/2013 on European venture capital funds (EuVECA) and Regulation (EU) No 346/2013 on European social entrepreneurship funds (EuSEF) Committee responsible:

Rapporteur:

Shadow rapporteurs:

 

 

  Economic and Monetary Affairs (ECON)

Sirpa Pietikäinen (EPP, Finland)

Andrea Cozzolino (S&D, Italy)

Syed Kamall (ECR, UK)

Cora Van Nieuwenhuizen (ALDE, the Netherlands)

Marco Zanni (EFDD, Italy)

COM(2016)0461 14.07.2016, 2016/0221(COD)

Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)

Next steps expected: Vote in Committee

 

 

Filed under: Economic and Social Policies, PUBLICATIONS Tagged: Angelos Delivorias, briefings, capital markets, EU Legislation in Progress, social venture capital

European Council meeting will take place on 9 and 10 March 2017 in the Europa building in Brussels. The press centre remains located in the Justus Lipsius building. 

 Application deadline: 16 February, 17.00
Procedure

• If this is your first registration, please make sure you have a recent ID-size photograph in JPEG format (.jpg) and the number of your passport or identity card ready before starting the online process.
• You will receive an acknowledgement of receipt by email. Please read it carefully as it includes the list of original documents you will be asked to provide when collecting your badge. Depending on your profile, the requested document will include: Passport or ID card, press card and/or a letter from your editor-in chief as well as the signed original of your authorisation for security screening (only for media representatives of Belgian nationality or resident in Belgium). The press centre may contact you to request additional information if necessary. No accreditation badge will be issued if you cannot provide all required documents.
• Under certain conditions it is possible to organise a group registration/collection of badges for journalists working for the same media. Select group registration at the beginning of the accreditation process and follow the instructions.
• Trainees with media organisations who do not possess a press card are not entitled to request accreditation

Journalists holding a 6-month badge (01.01.2017 - 30.06.2017) do not need to register

6-month badges can be collected at the accreditation centre of the LEX building during summits. Please ensure that you have all the required documents when collecting your badge.

Collection of badges

Accreditation badges must be collected in person from the LEX building (145 rue de la Loi, Brussels)  

• Wednesday 8 March - 9.30 - 13.00 and 14.00 - 18.00
• Thursday 9 March - 8.30 - 20.00 
• Friday 10 March - from 08.00 to the end of the final press conference (max. 22.00)
  
  

Practical information on the press centre and the media programme will follow.

For more details on the European Council meeting, see the meeting page.

The policymaking implications of the so-called 4th Industrial Revolution – the fusion of technologies that is blurring the lines between the physical, digital and biological spheres – are hard to measure.

What steps must we take to enhance transatlantic cooperation? How should Europe’s digital skills, labour market and regulatory framework evolve? And what must we do to encourage this change?

The success of digital companies is based on how they use data to create and improve services. Their products are data engines or algorithms surrounded by a great customer experience. These algorithms are fuelled by data in an iterative process: the more customers they have, the better their algorithms get. This continuous learning circle makes the companies’ products better and better.

Amazon is a prime example of a digital success story. It may seem that their success is based on selling their own products, together with those of other retailers, in a logistically smart way. But it was the company’s algorithm, recommending what customers may be interested in buying next, that made sales grow. Amazon keeps evolving its algorithm and has started to offer loans to its retailers. A new business model is born, thanks to digitalisation.

“Digital means data-driven: not only for digital native companies, but for any company or sector that wants to survive”

Another example is Netflix. You might imagine you log on to see movies or series that you want to watch, but the truth is that 85% of the content people watch is based on the suggestions made by the company’s recommendation engine.

LinkedIn, with its ‘people you may know’ algorithm, has made its networks grow at a faster pace than ever before. Again, sets of algorithms are driving successful businesses.

So, from my point of view, digital means data-driven: not only for digital native companies, but for any company or sector that wants to survive into the near future. Data-driven, in a nutshell, means using data either to support decision-making or eliminate it through process automation. Every company should now consider how they use data engines in their products and processes. As your business becomes data-driven, transactions costs tend to zero and virtually anyone can play in your field.

But to allow the data-driven economy flourish in Europe, we need to deal with data innovation and data protection in a coordinated way, without giving up either of the two.

There are ten aspects that I think require particular focus:

1. Data literacy for citizens: today we have a situation where people give away their data without control but at the same time complain about data use that might be beneficial for the societies, like investigating health data.
2. Transparency: there is a need for more transparency from companies and governments in how they use data. This should be promoted and seen as a business advantage, and not just a subject for legal compliance.
3. Data security research coordination: we need global standards that guarantee protection against cybercrime, such as using blockchain technologies for distributed identity and data management.
4. Data flow and data storage: a good effort has been made with the European Union’s free data flow initiative, but still we experience many delays when using cloud storage and cloud tools.
5. Algorithm protection and interpretability: investments in algorithm development are high and the companies should be able to decide whether they want to protect them or open them up. Interpretability of algorithms is also mandatory in the EU’s General Data Protection Regulation (GDPR) but further discussions are needed so that the industries can work on explaining complex models that work better than the traditional ones.
6. The use of anonymised and aggregated data: there are many opportunities in the use of this kind of non-personal data, both for companies and for society as a whole. However, it is still unclear in which cases using this type of data is allowed.
7. Promoting open data policies: this is essential, and not only for the public sector. Today a company that opens its data faces many more risks than rewards. This is why only a few companies are actually doing this.
8. Data portability: the right to data portability in all sectors is a way to promote fair competition and innovation in data services. Data portability will be mandatory in 2018 for the financial sector according to the Directive on payment services, but not for other sectors, although the GDPR introduces it as an important aspect of data innovation.
9. Harmonisation of data laws: this should take place across the EU so that digital businesses can operate in all of them without frontiers.
10. Artificial intelligence: we need to examine the impact of AI on labour markets and what we can do to help them adapt as fast as possible.

This list is far from exhaustive, but it includes several regulatory, cultural and educational factors that, in my view, need to be considered by the EU, its member states and the companies if Europe is to make the most of the opportunities presented by the 4th Industrial Revolution.

IMAGE CREDIT: vectorfusionart/Bigstock.com

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Through its special relationship with France, Monaco is part of the EU customs territory and located within the external borders of the Schengen area.

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