Econ

• On Thursday 1 July, 13.45-15.45, the Members of AIDA Special Committee and of ECON Committee will hold a joint hearing on AI and Financial Services.
• In the two panels representatives from the European Commission, the European Central Bank, the European Supervisory Authorities and from the private sector and from civil society will share their views on the potential and limits of AI use in financial services, and on how to mitigate potential negative side-effects.
• A number of questions guiding the EU's efforts towards the modernisation of the European economy and its development into a global digital player, such as "What impact is AI having on financial services?"
• and "How can AI accelerate the digital transformation of the banking industry?"

The INI reports voted in ECON are made available within this section shortly after the vote in committee and before their publication under Latest documents webpage.

• The former will constitute a key building block in the European Green Deal, ensuring the sustainability of our food production and consumption system.
• A stand-alone Health Programme was a key demand of the ENVI Committee, especially as a response to the COVID-19 pandemic.
• On the same day, ENVI met jointly with the ECON committee to vote on a draft recommendation for second reading on the draft regulation on the establishment of a framework to facilitate sustainable investment, based on a text agreed during inter-institutional negotiations in December 2019.
• Members also debated and voted on an objection on the renewal of an active substance (pyriproxyfen) used in plant protection products.

• Executive Vice-President Dombrovskis pointed to the resilience facility, the new recovery instrument designed to improve the implementation of the CSR.
• Fiscal policy in times of crisis Other ECON MEPs were concerned about the general escape clause, which allows the excessive deficit procedure against a member state to be put on hold in times of a severe economic downturn.
• MEPs wanted to know when the procedure will kick in again and how to keep the right balance between debt sustainability and much-needed investments.
• Mr Dombrovskis stressed that the Stability and Growth Pact has been put on hold until the economy is growing again; then the rules start to reapply.
• Background The European Semester is the annual cycle for coordinating the economic and budgetary policies of the EU member states.
• In the medium-term, the focus should be on investing in sustainable and inclusive growth that facilitates the green transition and the digital transformation.
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