Good morning. Here’s some exclusive news to kick off your day: Senior officials from the US, EU, Ukraine, and key non-western nations India, Brazil, South Africa, Turkey, and possibly China are set to meet in Copenhagen this weekend for unannounced talks on Russia’s war against Ukraine. In today’s newsletter, we’ll take a look at the contenders for the European Investment Bank presidency and explore why artificial intelligence should play a role in Europe’s future power networks.
Banker race:
The European Investment Bank (EIB) may not be a well-known institution, but it holds significant importance within the EU. With a half-trillion euro balance sheet, the EIB plays a crucial role in areas like rebuilding Ukraine and supporting green technologies. As a result, selecting a replacement for Werner Hoyer, the current president, has become a highly contested matter. Sam Fleming and Javier Espinoza report that Denmark’s promotion of Margrethe Vestager as its candidate demonstrates the value member states place on the role. Vestager, known for her work in EU competition policy and levying large fines against tech giants, will have to take unpaid leave from her current position as she runs for the EIB presidency. Other candidates include former Italian finance minister Daniele Franco, EIB’s Polish vice-president Teresa Czerwińska, and vice-president Thomas Östros from Stockholm. Spain’s deputy prime minister Nadia Calviño, who has been a contender for other major positions in the past, is also expected to be a strong rival. The appointment will likely be finalized by October, ahead of Hoyer’s departure in December.
Chart du jour: Closing loopholes:
EU countries agreed on a new package of sanctions against Russia after nearly two months of deliberation. The sanctions allow Brussels to ban exports of sensitive goods and technology to countries that aid Russia in evading existing sanctions.
Power to the machines:
According to Leonhard Birnbaum, the CEO of Eon, artificial intelligence (AI) will be essential for Europe’s future power networks. However, Birnbaum believes that the EU’s approach to AI is flawed. The EU’s proposed rules on AI, set to be among the world’s most restrictive, designate managing critical infrastructure with AI as high-risk. Birnbaum argues that AI will be needed to replace retiring grid technicians, as there is a projected shortage of experienced technicians in the coming decade. Additionally, as the demand for electricity from renewables grows, the current grid infrastructure is ill-equipped to handle the increased flow of electrons, including those generated by solar panels on homes. The cost of upgrading the grid infrastructure could be significant, but Birnbaum believes it is necessary for the future.
What to watch today:
– Summit for a New Global Financial Pact begins in Paris at 9 am.
– Meeting of EU general affairs ministers in Stockholm at 9 am.
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