In a significant move toward financial innovation, nine prominent European banks have joined forces to develop a euro-denominated stablecoin. Italy’s UniCredit and Banca Sella, the Netherlands’ ING Groep, Germany’s DekaBank, Belgium’s KBC Group, Denmark’s Danske Bank, Sweden’s SEB, Spain’s CaixaBank, and Austria’s Raiffeisen Bank International announced their collaboration in a joint statement, signaling the potential…
European Union finance ministers will, for the first time, open discussions this Saturday on a landmark proposal to channel nearly €200 billion in frozen Russian assets into Ukraine’s reconstruction, according to reporting from Politico. The European Commission is drafting a plan that would shift these immobilized Russian holdings into investments designed not only to preserve…
The European Union (EU) is prepared to make a deal with the US by August 1, despite concerns about the potential outcome. Europe is “preparing for the worst,” Bloomberg writes, citing sources. In early July, former President Donald Trump said that the United States would impose 30% tariffs on EU products from August 1. At…
Google, the search engine owned by Alphabet Inc., is being sued by dozens of websites across the European Union, according to a Bloomberg News review. The platforms are seeking a total of 12 billion euros in damages. The plaintiffs accuse Google of stealing users. The plaintiffs include price comparison platforms that help consumers find the…
UBS analysts have cut their eurozone GDP growth forecast for 2025 and 2026 due to the impact of US tariffs on European goods. The bank’s new forecast sees the eurozone economy grow by 0.5% in 2025 and 0.8% in 2026. Previously, GDP growth was expected to be 0.9% and 1.1%, respectively. UBS raised its 2027…
Austrian Interior Minister Gerhard Karner said that Vienna plans to lift its veto on expanding the Schengen zone, which means that Romania and Bulgaria will be able to join it fully, Deutsche Welle reported. According to the publication, the Austrian side may officially announce its decision at a meeting of EU interior ministers in Brussels…
From August 25, the Lithuanian Food and Veterinary Service (PVS) tightens control over Russian and Belarusian goods at the border points. In particular, it is known that enhanced checks will be carried out for human and animal health, and in the case of genetically modified organisms, to reduce the risks of harm to the environment….
Discussions regarding the transition to the euro from Czech Koruna in the Czech Republic were renewed after the President’s New Year’s speech. He supported abandoning the koruna, saying the euro would be a logical future for the country’s export-oriented economy. However, the Czech Ministry of Finance does not see the point in moving the country…
The European Central Bank (ECB) has announced a further tightening of monetary policy in response to rising inflation. In a statement released today, the ECB cited the need to overcome increased inflation as the primary reason for the decision. As part of the policy shift, the European Central Bank committee has increased the refinancing rate…
The European Union plans to include four Russian banks, including Alfa-Bank, in the new package of EU sanctions and ban the delivery of several goods to Russia. The new financial sanctions will affect four Russian banks, including the largest Alfa-Bank in Russia. In total, 130 individuals and legal entities are planned to be included in…
