Insights | EU Insight, 8 November 2019, Brussels

Committee on Foreign Affairs (AFET) meeting – EC Commissioner Johannes Hahn addresses the European Parliament’s Committee

08/11/2019

EU Insight, 8 November 2019, Brussels

ROMANIAN MEP VĂLEAN NOMINATED AS COMMISSIONER-DESIGNATE FOR TRANSPORT

Commission President-elect Ursula von der Leyen accepted Adina-Ioana Vălean as the Romanian member of her College of Commissioners. As an MEP who currently chairs the Parliament’s Committee on Industry, Research and Energy, Vălean is the new Commissioner-designate for Transport. The Parliament’s Legal Affairs Committee (JURI), which is tasked with scrutinising the candidates’ possible conflicts of interest, will meet next week to discuss the declarations of Vălean, as well as the French (Thierry Breton) and Hungarian (Olivér Várhelyi) Commissioner-designates. If JURI gives a green light, the three candidates will face their portfolio-relevant parliamentary committees for confirmation hearings on 14 November.

EUROPE’S ECONOMY GROWTH FORECASTS REVISED DOWN

The European Commission released its autumn 2019 economic forecast. The European economy is in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021. However, the forecast warns that the external environment has soured and become increasingly uncertain, referring to trade tensions that particularly affect the manufacturing sector. Consequently, the European economy looks to be heading towards a protracted period of more subdued growth and muted inflation. The Euro area gross domestic product (GDP) is now forecast to expand by 1.1% in 2019 and by 1.2% in 2020 and 2021, representing a downgrade compared to this year’s summer forecast.

EU-CHINA AGREEMENT TO PROTECT GEOGRAPHICAL INDICATIONS 

The EU and China agreed to protect 100 European Geographical Indications (GI) in China and 100 Chinese GIs in the EU against imitations and fraud. China is the second largest destination for EU agri-food exports and EU exports GI-protected products, accounting for 9% of total exports. The bilateral agreement is intended to result in reciprocal trade benefits and demand for high-quality products on both sides. The European Parliament and the Council will now be asked to give their formal approval. The agreement is expected to enter into force by end-2020.

EXPERT FORUM ISSUES RECOMMENDATIONS TO SUPPORT THE EU’S INDUSTRIAL STRATEGY

The European Commission published recommendations by the Strategic Forum on Important Projects of Common European Interest (IPCEIs) to boost the EU’s competitiveness and global leadership in six strategic industrial sectors: (i) Connected, clean and autonomous vehicles; (ii) Hydrogen technologies and systems; (iii) Smart health; (iv) Industrial Internet of Things; (v) Low-carbon industry; and (vi) Cybersecurity. IPCEIs comprise innovative research projects that often entail significant risks and require joint well-coordinated efforts and transnational investments by public authorities and industries from several Member States. The report aims to contribute to the incoming Commission’s work on a new long-term strategy for Europe’s industrial future.

CHAIRMEN OF EUROPEAN SUPERVISORY AUTHORITIES ATTEND COMMITTEE HEARING

The European Parliament’s Economic and Monetary Affairs Committee hosted a hearing with the chairs of the three European Supervisory Authorities. Steven Maijoor (European Securities and Markets Authority, ESMA) committed to further work on sustainable finance to address the risk of greenwashing and signalled retail investors’ and SMEs’ participation in the Capital Markets Union as a priority. José Manuel Campa (European Banking Authority, EBA) announced that the EBA would shortly publish various roadmaps in the context of the Risk Reduction Measures Package. Lastly, Gabriel Bernardino (European Insurance and Occupational Pensions Authority, EIOPA) highlighted the Solvency II review as EIOPA’s biggest workstream for the coming months.

COMING UP NEXT WEEK:

  • 11 November: EU-Uzbekistan Cooperation Council. On the agenda: Political developments, enhanced partnership and cooperation agreement, and economic landscape.
  • 11 November: Foreign Affairs Council. On the agenda: Current affairs, Afghanistan, the Gulf and Iran, and Sudan.
  • 12 November: Foreign Affairs Council (Defence). On the agenda: PESCO, CSDP missions and operations, EU-NATO cooperation, and EDA steering board meeting.
  • 13-14 November: European Parliament plenary session. On the agenda: Foreign affairs, crimes against journalists, and migration.
  • 15 November: Economic and Financial Affairs Council (Budget). On the agenda: EU 2020 budget.

Karl Isaksson, Managing Partner Brussels, Kreab