Global Digital Compact & International Finance: EU Position

The EU endorses UN's briefs on digital cooperation, finance reform, and progress metrics. Advocating the Global Digital Compact, they stress on AI, data, and human rights. They call for financial system overhaul for global crises management and SDGs.

Global Digital Compact and International Finance: EU Position
EU Global Cooperation

EU Supports Global Digital Cooperation and Reformation of International Financial Architecture

Source: European External Action Service Keywords Digital Compact international financial system

The European Union (EU) has expressed its support for the United Nations Secretary General's presentation of three ambitious policy briefs, which address key issues in global digital cooperation, international financial architecture, and moving beyond GDP as a measure of progress. The EU particularly welcomes the Global Digital Compact, which aims to harness digital technologies for the benefit of all and overcome digital divides, while also focusing on artificial intelligence and data. The EU strongly supports a proactive approach towards making human rights the foundation of an open, safe, and secure digital future. Furthermore, the EU acknowledges the need for a reformed international financial system to cope with global crises and boost financing for the Sustainable Development Goals (SDGs). The EU is committed to raising the level of ambition in discussing proposals for global economic governance, special drawing rights and liquidity, debt management, taxation, and private sector financing.

The Global Digital Compact

The EU welcomes the Global Digital Compact, which aims to bridge the digital divide and leverage digital technologies, artificial intelligence, and data to promote human rights in the digital sphere. This signifies potential international cooperation in advancing digital technologies and ensuring equitable access for all. Financial institutions operating within the EU will need to adapt their strategies and operations to align with potential developments in digital technologies. Embracing artificial intelligence and enhancing data management practices will be crucial for financial institutions to stay competitive and compliant.

Reformed International Financial System

The EU supports discussions on global economic governance, debt management, taxation, and financing for the Sustainable Development Goals (SDGs). These discussions seek to enhance financial resilience and promote sustainable financing for global development. Financial institutions within the EU should stay informed about updates related to these discussions, as potential changes in global economic governance may impact their operations and strategies. It is essential for financial institutions to assess the potential impact and adjust their strategies accordingly. This includes evaluating their digital transformation initiatives, data management frameworks, and financing models to align with evolving regulations and seize new opportunities.

Financial institutions operating within the EU should take proactive measures to stay compliant with potential regulatory changes resulting from these policy briefs. Staying informed about international digital cooperation, global economic governance, and sustainable financing is crucial. Regular monitoring of regulatory updates and engagement with relevant stakeholders will provide valuable insights. Financial institutions must also prioritize investments in digital technologies and infrastructure to align with the EU's focus on digital advancements. This includes developing capabilities in artificial intelligence, data analytics, and cybersecurity. Responsible data management practices, ensuring data security, privacy protection, and ethical use of customer data, are vital to maintain trust and regulatory compliance.

The EU's support for the ambitious policy briefs reflects its commitment to global cooperation in digital advancements and sustainable development. Financial institutions operating within the EU must adapt to potential changes resulting from these briefs. By staying informed, assessing impact, embracing digital advancements, and implementing responsible data management practices, financial institutions can navigate regulatory changes, seize new opportunities, and ensure compliance with evolving regulations. Timely action and strategic adaptation will position financial institutions for success in the changing global landscape.

Read More

EU Statement: UN General Assembly: Secretary-General’s presentation of 3 ‘Our Common Agenda’ policy briefs | EEAS
5 June 2023, New York - Statement on behalf of the European Union and its Member States by H.E. Ambassador Olof Skoog, Head of the EU Delegation to the UN at the 77th Session of the United Nations General Assembly on the occasion of the the Secretary-General’s presentation of 3 ‘Our Common Agenda’

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