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Artificial intelligence act

Briefing 11-03-2024

European Union lawmakers reached a political agreement on the draft artificial intelligence (AI) act in December 2023. Proposed by the European Commission in April 2021, the draft AI act, the first binding worldwide horizontal regulation on AI, sets a common framework for the use and supply of AI systems in the EU. It offers a classification for AI systems with different requirements and obligations tailored on a 'risk-based approach'. Some AI systems presenting 'unacceptable' risks are prohibited ...

The digital transformation is making the EU institutions and administration more vulnerable to cyber-threats and incidents. Their number has surged dramatically in recent years: there were as many incidents during the first half of 2021 as in the whole of 2020, for instance. Yet an analysis of 20 Union institutions, bodies and agencies showed that their governance, preparedness, cybersecurity capability and maturity vary substantially, weakening the system. This proposal for a regulation would establish ...

This study looks at Chinese investments in maritime infrastructures through the lens of ‘de-risking’ for the first time. It provides a comprehensive overview of Chinese investments in the European maritime sector over the past two decades and weighs the associated risks. The study borrows the framework adopted by the National Risk Assessment of the Kingdom of the Netherlands 2022 for its risk assessment and further develops it to score the impact and likelihood of the investments across five major ...

The European Parliament started monitoring future shocks during the coronavirus crisis, and has continued to do so during Russia's unprecedented war on Ukraine. The annual 'Future Shocks' series reviews global risks, with a focus on specific risks and the capabilities and resilience of the EU system in the face of multiple challenges. It seeks to provide up-to-date, objective and authoritative information on these risks, based on risk literature from a broad range of sources. 'Future Shocks' includes ...

This note is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 20 March 2023. The briefing (i) provides a European per-spective on recent US bank failures; (ii) provides summary of the risk outlook and the picking up of corporate insolvencies; (iii) describes the risks building up in housing markets; (iv) summarises the ongoing continuing work on the macroprudential policy toolkit for cyber resilience ...

Implementation of EU customs legislation with regard to areas such as risk management and impact management measures differs across Member States. National systems also diverge in the extent to which they have been updated in line with the UCC. Furthermore, significant differences in sanctions regimes create barriers to trade and distortions in the Single Market. This study makes recommendations to Member States and the EU to address some of the weaknesses of the current customs controls and sanctions ...

China's full or partial ownership of a large number of strategic infrastructure assets in the European Union has significantly increased the EU's exposure to a non-EU country with a track record of weaponising its growing global economic footprint to achieve political objectives. Moreover, a series of recent cyber-attacks associated with Chinese hackers have put the EU's critical infrastructure at risk of compromise or espionage. Both developments highlight the need to protect the EU's strategic ...

This paper points to new multifaceted and often interconnected sources of risks (including high-impact tail risks) and the challenges posed to supervisory actions. It also makes the important case that traditional risk management tools might face limitations in the current situation. We discuss both geopolitical and related risks as well as other risks in the context of rising interest rates and a volatile macroeconomic environment. The challenge for banks will be to be prepared for such extreme ...

While greater inflation may have led to some positive “first-round” effects for banks, several negative “second-round” impacts may occur, including: i) an increase in credit risk, affecting both families and companies, especially “heavy energy users”; ii) a drop in the value of fixed-rate assets held by lenders, including sovereign bonds; iii) liquidity pressures due to the ECB’s recent decision to increase the cost of its outstanding 3-year facilities and to greater competition for retail deposits ...

Resilience of critical entities

Lühitutvustus 16-11-2022

Protecting critical infrastructure against physical and digital threats is more than ever high on the EU agenda, not least in the light of the recent Nord Stream gas pipelines sabotage. During the November II plenary session, the European Parliament is due to vote on a provisional agreement on rules to enhance critical entities' resilience.