European Commission (EC)
Merchants in the cash system
As policy-makers seek to protect cash acceptance and increasingly look to retailers to facilitate access to cash, Martina Horakova argues that merchants need adequate cash services themselves – and that providing cash to the public should not come at their expense
Sharon Donnery on the ECB’s great simplification push
The supervisory board member speaks about geopolitical risk, cyber threats and potential banking regulation reforms
Zoltán Kurali on Hungary’s reserves strategy and euro adoption
Deputy governor speaks about portfolio positioning amidst geopolitical volatility, AI, CBDC and the future of the forint
AFI’s Alfred Hannig on the criticality of financial inclusion
The CEO of the Alliance for Financial Inclusion speaks about the importance of collaboration on digital and open finance, cyber resilience, data and credit infrastructure, women’s inclusion and consumer protection, amid funding squeezes
European Commission plans permanent changes to FRTB
EU legislator will start work on new rules later this year to ensure level playing field with US
Bulgarian lessons from entering the eurozone
Sofia’s uneasy membership in the currency bloc, five months in
EU needs integration, innovation and Eurobonds – panel
Schnabel, Blanchard, Spain’s finance minister and Citadel MD discuss bloc’s future
ECB says AI risk monitoring should not be a one-way street
Bank wants to exchange information on lenders’ AI model risks with market surveillance supervisors
NBU tells banks to avoid Hungary after cash and gold heist
Hungarian government official explicitly ties asset seizure to dispute over stricken oil pipeline
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
Repeat of past mistakes fuels risk of new crisis
Jesper Berg and Hans Geeroms argue that bank lobbying has succeeded in securing a dangerous softening of rules
Suspended Bulgarian deputy appointed as caretaker PM
Country’s president says Gurov is only candidate not tainted by association with outgoing government
Bulgaria becomes 21st member of the eurozone
Joining currency bloc is a “sign of belonging”, says governor Radev, as peers offer welcome
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