Politics

European Parliament begins its 10th term

Published

7 months ago

September 1, 2024

european-parliament-begins-its-10th-term

European Parliament Convenes in Strasbourg: New President to be Elected amid Growing Diversity

On a momentous Tuesday in Strasbourg, the European Parliament, following the recent European elections held on 6-9 June, officially commenced its proceedings. The session, presided over by the outgoing EP President, Roberta Metsola of the EPP from Malta, commenced with a musical interlude before Pina Picierno, the second Vice-President in the outgoing Parliament from Italy’s S&D, announced the contenders for the coveted Presidency of the Parliament.

The highly anticipated vote, conducted through a secret paper ballot, is set to occur immediately after the inaugural session. To ensure a fair process, eight MEPs, selected by lot, will oversee the election proceedings.

The distinguished candidates vying for the Presidency are Roberta Metsola representing EPP from Malta and Irene Montero from The Left in Spain. Ahead of the crucial vote, both candidates delivered succinct statements to the plenary, outlining their visions for the future of the European Parliament.

To attain victory, a candidate must secure an absolute majority of valid votes cast, which equates to 50% plus one. In the event of no clear winner in the initial round of voting, subsequent rounds may follow with the possibility of new or existing candidates being nominated under the same stipulations. If needed, a third round could ensue with the same regulations. Should no candidate emerge victorious after the third round, the two candidates with the highest votes in this round will advance to a decisive fourth and final round, with the majority winner emerging triumphant.

Upon the election of the new President, the distinguished individual will assume the leadership position and deliver a notable opening address, setting the tone for the parliamentary term ahead.

In this landmark tenth term, the European Parliament boasts 720 seats, an increase of 15 from the previous legislature. Notably, 54% of MEPs are fresh faces, marking a slight decrease from the 2019 intake of 61%, with the representation of women comprising 39%, down marginally from the 40% mark in 2019.

Among the diverse MEP cohort, Lena Schilling, a 23-year-old from Austria representing Greens/EFA, stands as the youngest member, while the seasoned Leoluca Orlando from Italy, a Green/EFA representative aged 77, holds the distinction of the oldest MEP. The average age of MEPs stands at 50, reflecting a diverse range of experiences and perspectives within the parliamentary body.

As the tenth term commences, the European Parliament encompasses eight political groups, an increase from the previous session. Additionally, 32 MEPs remain non-attached, underscoring the dynamic landscape of political affiliations within the Parliament and highlighting the vibrant tapestry of representation in the European legislative body.

Author

Erin Silvia

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Politics

President Costa to travel to Paris, Strasbourg, and Samarkand (31 March – 4 April)

Published

14 hours ago

March 31, 2025

Nicole Edenedo

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Nicole Edenedo

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Politics

ECCC to finance EUR 390 million in cybersecurity projects under Digital Europe Programme for 2025-2027

Published

14 hours ago

March 31, 2025

Terry Zeller

Priorities for investment range from new technologies for cybersecurity, including on AI and post-quantum transition, to actions for improving EU cyber resilience and supporting SMEs.

The adoption of the DEP WP 2025-2027 constitutes a fundamental instrument for the implementation and advancement of the mission of the ECCC. The Centre aims to pool investment in cybersecurity research, technology, and industrial development, and ensure the efficient implementation of projects and initiatives in coordination with the Network of National Coordination Centres (NCCs).

During 2025-2027, the ECCC will continue to finance uptake and deployment actions in cybersecurity by the means of calls for proposals. The programme is structured as follows:

New technologies, AI and post-quantum transition

Dedicated actions will support entities in developing and deploying systems and tools for cybersecurity based on AI (including GenAI based technologies), reliable, secure and resilient AI models and algorithms or build the European testing infrastructure for the post quantum transition.

These enabling technologies should allow more effective creation and analysis of Cyber Threat Intelligence (CTI), automation of large-scale processes, as well as faster and scalable processing of CTI and identification of patterns that allow for rapid detection and decision making.

It will also include actions aimed at improving industrial and market readiness for the cybersecurity requirements for SMEs as specified in relevant EU cybersecurity legislation and to ensure the development and use of more secure hardware and software products.

Cyber Solidarity Act Implementation

The ECCC will contribute to the creation of the European Cybersecurity Alert System (ECAS) foreseen in the Cyber Solidarity Act, to build and enhance coordinated detection and common situational awareness capabilities at European level. In this regard, a pan-European network of national and cross-border Cyber Hubs will be established. The ECCC will support preparedness activities, part of the Cybersecurity Emergency Mechanism and the mutual assistance mechanisms foreseen in the Cyber Solidarity Act.

Additional actions improving EU cyber resilience

The ECCC will support the integration of relevant cybersecurity requirements deriving from several regulations and directives: NIS 2 directive, Cyber Resilience Act, CSA, DORA, GDPR, AI Act as required. It will contribute to the EC priorities, including to support the cybersecurity of hospitals and healthcare providers in alignment with the Action Plan. In addition, it is envisaged to provide support to improve the resilience and security of the infrastructure critical for global communications and solutions to cover the surveillance and protection of critical undersea infrastructure, such as submarine cables, as well as the detection of malicious activities around them.

ECCC Executive Director Luca Tagliaretti said: “The first ECCC Cybersecurity Work Programme is an important milestone in our establishment as key player in the EU cybersecurity landscape. The funding available will support innovation and deployment of technologies in Europe and contribute to the common goal of building a cyber resilient EU.”

Background

The ECCC implements the ‘Specific Objective 3: Cybersecurity and Trust’ from the DEP Regulation (EU) 2021/694. This is the first DEP Work Programme developed by ECCC following its financial autonomy reached in 2024. The Cybersecurity WP is meant to complement the main DEP WP and was written in close consultation with the ECCC Governing Board and the European Commission.

This document includes inputs from the ECCC strategic agenda and considers all the legal obligations stemming from the ECCC regulation, DEP regulation, Cyber Solidarity act, while supporting the implementation of other key legislative files including the Cyber Resilience Act, the Cybersecurity Act and NIS 2 Directive.

For more information: Digital Europe Cybersecurity Work Programme 2025-2027

Contact for media: communicationeccc [dot] europa [dot] eu (communication[at]eccc[dot]europa[dot]eu)

Author

Terry Zeller

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Politics

EIOPA proposes one-to-one capital requirements for EU insurers’ crypto asset holdings

Published

14 hours ago

March 31, 2025

Cassie Gill

The European Insurance and Occupational Pensions Authority (EIOPA) published today its technical advice to the European Commission, recommending that a one-to-one capital requirement be applied consistently to all crypto holdings of EU (re)insurers. EIOPA considers a 100% haircut in the standard formula prudent and appropriate for these assets in view of their inherent risks and high volatility.

Crypto assets are a relatively new assets class in finance and their regulatory treatment is still evolving. While the Capital Requirements Regulation (CRR) and the Markets in Crypto-Assets Regulation (MiCAR) include transitional prudential measures for crypto assets, the EU’s regulatory framework for (re)insurers so far has lacked specific provisions on crypto assets. As a result, (re)insurers currently classify their crypto assets without a consistent approach. This raises concerns about the risk sensitivity of these practices and the level of prudence associated with them.

EIOPA’s empirical analysis of historical crypto asset data suggests that current capital weight options – such as the 80% stress level applied to intangible assets – in fact underestimate the risks associated with crypto exposures.

Policy proposal

To promote a harmonized, prudent and proportionate treatment of crypto assets, EIOPA is proposing the introduction of a blanket 100% capital requirement across all crypto holdings, regardless of their balance sheet treatment or whether the exposure is direct or indirect.

The uniform treatment EIOPA proposes would adequately reflect the high risks associated with crypto investments without creating unnecessary complexity or imposing additional reporting requirements on (re)insurers at a time when their investments in crypto assets are still modest in size.

A possible broader adoption of crypto assets may, however, require a more differentiated approach down the line. The treatment of crypto holdings under Solvency II should therefore be reviewed in the future in light of market developments and regulatory approaches in other sectors.

Read the Technical Advice

Background and next steps

This publication comes in response to the European Commission’s Call for Advice and follows a public consultation on the topic with stakeholders. The Commission will now consider EIOPA’s technical advice in the review of level 2 provisions of Solvency II.

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