European Commission (EC)
Lagarde downplays odds of early exit
ECB president uses interviews to say she is on a ‘mission’ with a ‘baseline’ of serving out her term
ECB looks to simplify bank regs, supervision and reporting
Recommendations include merged buffers, lesser reporting burdens and an easier life for smaller banks
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
Serbia says sanctions on Russia pose financial stability risks
Central bank sounds warning as government threatens to divest Russian stakes in domestic oil refiner
Confusion reigns over EU multi-issuance stablecoins regs
EBA seeking clarification from EC over assets’ legality after ECB’s and ESRB’s calls for ban
Why Europe cannot afford to delay the digital euro
CBDC would counter the erosion of sovereignty as cash recedes, substitution by foreign digital monies and weaponisation of access, argue Biagio Bossone and Céu Pereira
EBA chief urges global action on multi-issuance stablecoins
Reserves backing currency should move “seamlessly” across borders to enable fungibility, says Campa
Let risks stay in non-bank sector, says EU official
Regulators and experts discuss solutions to financial activities migrating outside banking system
Book notes: Crisis cycle, by John H Cochrane, Luis Garicano and Klaus Masuch
This book ought to be read by anyone with an interest in or influence on the future development of the Emu
Book notes: Bankers’ trust, by Aditi Sahasrabuddhe
A novel investigation into how trust among central bankers – or lack thereof – helped and worsened crises of the past
Merz backs using Bank of Russia funds to help Ukraine
Frozen central bank assets could collateralise €140bn interest-free loan, says German chancellor
Esma needs dose of BoE agility, says official
Clearing house supervisor Giusto points to central bank's consultation on Emir as example of nimbler approach
Stablecoins pose bigger risks to US than to EU – de Guindos
ECB vice-president also expresses hope that “populist movements in Europe do not prevail”
How FX pricing is adapting to Trumpian markets
Dealers are tying pricing engines to new signals in effort to cope with out-of-the-blue moves
European Commission already preparing next FRTB move
As EC runs out powers to delay rules again, proposal for temporary capital relief is on the agenda
US Basel equivalence questioned as EU patience wears thin
MEPs say unfaithful US implementation of Basel III could trigger review of access to EU markets
EU firms fear dollar liquidity becoming tariff bargaining chip
Trade war escalation could affect ECB's access to Fed swap lines
CRR III hangs in the balance as member states push for changes
Top EU lawmaker rejects calls to water down capital rules, while others see room for manoeuvre
European Commission in ‘listening mode’ on potential FRTB changes
Delay or relief measures on the table after UK postpones start of Basel III to 2027
ECB cuts rates by 25bp
Eurosystem disinflation “well on track” and council “did not discuss” TPI, says Lagarde
Attention shifts to US, UK after European Union postpones FRTB
Global timeline still unclear, with banks hoping lawmakers will use delay to soften rules