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Given the following diagram:

enter image description here

Loop 1 generates a magnetic field($B$) due to it's applied current and is moving to the right($+v$), I assumed(using the right hand rule) that there is an induced EMF on loop 2 but no current flow, why is that?

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When we apply vXb on loop 2 where v is relative velocity between th loops there is

NO EMF on topmost and bottommost wire( induced) since vXb is perpendicular to wire On the side wire where you will find induced EMF the polarity and magnitude turns out to be same so due to no net potential difference there is no current

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