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After eight years as leader of the Federal Board of Governors, Jerome Powell leaves behind a considerable legacy.
Jerome Powell concluded his final Federal Reserve Open Market Committee (FOMC) meeting as chair on April 29, but said he would remain on the Board of Governors after his term as chair ends on May 15. His four-year term on the board ends January 31, 2028.
Powell’s term was marked by his decisive move at the start of the pandemic to stabilize markets, which could have faced a financial crisis comparable to 2008, said Krishna Guha, Evercore ISI’s vice chairman, in an email interview.
“The Powell Fed was slow to pivot to deal with post-pandemic inflation, but when it turned, it turned decisively, and Powell achieved the remarkable feat of bringing inflation back down without causing a recession,” he said. “Indeed, the data clearly show Powell was on the brink of delivering the fabled soft landing when Trump tariffs pushed inflation up again.”
Guha says Powell will mainly be remembered for the “dignity and professionalism that he brought to public service,” as the Fed endured “the most serious attack on central bank independence in decades, without yielding to political pressure or making the opposite error of turning hawkish in retaliation.”
The fight to preserve the Fed’s independence truly began in President Donald Trump’s second administration and has been a sustained conflict over lower interest rates. First came accusations of ballooning cost overruns during the refurbishment of the Federal Reserve’s Washington, D.C., headquarters in late July 2025. Next came the administration’s attempt to fire Federal Reserve Governor Lisa Cook a month later, citing alleged mortgage fraud.
The Department of Justice dropped its investigation into Powell on April 24, a few days before the April FOMC meeting. The Supreme Court has yet to decide on Cook’s case.
The cessation of lawfare against the Fed was welcomed by many in the Beltway, who see it as returning to business as usual.
“I felt like the accusations that Chairman Powell had committed some sort of crime connected to the building construction were a distraction, and it would delay President Trump in selecting a new chairman,” said Republican Rep. French Hill, chairman of the House Financial Services Committee, in a public statement. President Trump has nominated Kevin Warsh, a former Fed official, as Powell’s successor. A vote on his confirmation is expected in the coming weeks.
Editor’s note: This story has been updated to indicate Powell will stay on at the Fed after his term as chair ends.
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China has called on EU member states to revise the bloc’s proposed “Made in Europe” legislation, according to Suo Peng, trade and economy minister at China’s mission in Brussels.
The European Union is currently debating the draft, which was unveiled by the European Commission in March and aims to impose stricter conditions on foreign companies seeking access to EU public procurement and investment opportunities.
The proposal — widely interpreted as targeting Chinese firms — has already drawn a warning from Beijing. Earlier this week, China’s commerce ministry said it would consider retaliatory measures if the EU proceeds without significant changes.
“Chinese embassies in EU member states have conveyed China’s comments and suggestions to the governments of their hosting countries,” Peng told journalists in Brussels.
He added that if the EU “insists on this punishment and treats China’s enterprises in a discriminatory manner,” Beijing would be forced to respond with countermeasures.
The so-called Industrial Accelerator Act would, if adopted by EU governments and the European Parliament, prioritise European-made products in public procurement in sectors considered strategic, including automotive, green technologies, and energy-intensive industries such as aluminium and steel.
It would also place conditions on foreign direct investment exceeding €100 million in areas such as batteries, electric vehicles, solar panels and critical raw materials.
Companies from countries with more than 40% global market share in a given sector could be required to form joint ventures with European partners and transfer technology. At least half of jobs in such projects would also need to go to EU workers.
China has criticised the measures as discriminatory, with Peng accusing the EU of double standards on technology transfer rules. He pointed to a 2018 joint statement with the United States and Japan opposing forced technology transfers.
EU member states remain split over the proposal. France is pushing for stricter local content requirements, while Germany and others are calling for a broader approach that includes cooperation with like-minded partners.
Some countries have also warned that the rules could increase costs and limit access to innovation.
The proposal includes a reciprocity principle in public procurement, meaning the EU would only open its market to countries that grant similar access to European firms.
China, which does not currently have such an agreement with the EU, says it is open to a bilateral deal on government procurement. Peng urged Brussels to respond “as soon as possible”.
Otherwise, he warned, the plan “will seriously damage the actual interests of Chinese and European companies.”
Global Finance: Over the past four decades, how has TDB Group’s mandate and geographical footprint evolved, and what have been the most significant milestones in advancing trade, regional integration and sustainable development across member states?
Admassu Tadesse: TDB Group is an MDB that has evolved into a group with different subsidiaries and strategic business units which provide specialised financial and non-financial services across all sectors in trade and development banking, asset management, concessional and impact financing, captive insurance, and capacity building.
We were conceived 40 years ago by COMESA Member States to support the region’s economic integration and sustainable development agendas with specialised short and long-term trade and infrastructure financing. We then gradually reformed to welcome other African economies – to better capitalise on cross-country complementarities and support economies of scale. While our initial mandate to finance and foster trade, regional economic integration, and sustainable development has stayed the same, our structure, stable of vehicles and toolbox have evolved through institutional reforms and new solutions, to make sure we remain fit-for-purpose as times change.
With nearly US$ 60 billion in financing deployed over the years, we have become an important player in the African trade finance market and these days, we are focusing efforts on clean energy and cooking, trade-enabling infrastructure, and industrial capacity in sectors like agriculture, health, and structural materials like cement and steel.
GF: What are the key structural challenges that African countries face in accessing affordable, long-term capital, and why are development finance institutions (DFIs) critical in bridging this gap?
AT: Regional DFIs like TDB Group were set-up decades ago following global ones, to help bridge the financing gap and cater to Africa-specific imperatives. To do this, we catalyse global and African capital, de-risking it, and escorting it via different solutions into sustainable development initiatives.
The lack of affordable and long-term capital is indeed a core issue. Beyond perception premiums which persist even amid calm market conditions, global and African geopolitics greatly impact risk pricing and debt sustainability, with commodity price volatility and supply chain turbulence adding further pressure. This also affects our financial industry, which is already continuously working to adapt to evolving industry rules, while innovating out-of-the-box solutions to solve for the problems of scale, price and tenor, and availability of investible opportunities. That’s why we grew into a Group with different vehicles and offerings.
Structurally, while our policy makers work on improving the regulatory and policy environment to facilitate cross-border money flows, improve savings and tax revenues, and give more comfort to capital – the financial industry can work on supporting the expansion of African capital markets, help build repo markets, step-up local currency activity, innovate products, and more.
GF: How can alternative funding structures and innovative financial products help mobilize capital, attract partners and expand access to finance for both governments and the private sector in Africa, and what role do DFIs play in driving these efforts?
AT: Different types of capital and partners gravitate toward different institutional structures and products – hence our Group structure.
We have our Trade and Development Banking SBU, which offers bilateral and syndicated short-term trade and long-term project finance, through direct debt or equity financing, credit enhancement, and advisory and agency services.
We have our Trade and Development Fund, TDF, which plays a catalytic role offering concessional and impact funding, addressing project upstream issues through technical assistance and grants, and channelling capital to sectors and communities often overlooked by traditional finance including through SME lending.
Then, we have our asset management arm which has diverse vehicles customised to match varying investor preferences and impact priorities, and which comprise funds and initiatives with high quality alternative assets that deliver competitive returns and impact, as well as specialised trade and infrastructure-focused fund managers including the ESATAL trade asset management company and the TDB Infrastructure Investment Management Company.
Finally, in addition to our TDB Captive Insurance Company – TCI – we also have a capacity building vehicle, the TDB Academy, which offers trainings, seminars, conferences, and other human and institutional capacity development interventions to TDB and its partners.
GF: As TDB Group looks ahead to the next 40 years, what are the key infrastructure and trade-enabling investments needed to support Africa’s growth? What policy alignments, partnerships and long-term capital strategies are essential to scale impact and drive sustainable development?
AT: The needs are large and multifaceted. The list is long. We need to invest in both economic and social infrastructure – transport including road, rail, ports, airports, logistics hubs; water and sanitation; digital and telecommunications infrastructure; industrial infrastructure like different types of processing zones and facilities; energy to power industrial growth and electrify our communities; health including hospitals and medical equipment; education to build the workforce of the future; housing; etc.
To advance on our development aspirations, we need to grow faster than our population, and offer job opportunities for the latter, which is achievable through a robust industrial base, and the ability to trade our products among ourselves and with the world, with more value-added production and value chains.
I have already referred to policy, partnerships and long-term capital strategies. What I will add is that diversification in partnerships is key to bolstering resilience to different shocks and mitigating risks. This is at the core of our funding strategy. We are keen on staying nimble and quick to innovate to do more with our balance sheet, so that we can do more for our continent and its myriad communities.
Oil markets face renewed instability following the United Arab Emirates’ formal exit from the Organisation of the Petroleum Exporting Countries (OPEC) and its wider alliance (OPEC+), announced on Tuesday and taking effect on Friday.
The move, which ends decades of membership, comes as the global economy continues to reel from the ongoing war with Iran and the blockade of the Strait of Hormuz remains in place.
Investors are currently weighing the potential for higher future output from the UAE against the immediate and acute risks posed to global supply routes, as well as the increased chances that more countries drop out of OPEC and OPEC+.
Following the announcement, markets reacted swiftly as the potential for oversupply from the UAE was priced in. Oil prices fell by between 2% and 3%, particularly in futures contracts a couple of months ahead.
However, the move was just as quickly offset by the risk premium associated with the Middle East conflict and the current halt to US-Iran negotiations.
At the time of writing, US benchmark crude, WTI, is trading above $105 a barrel, while Brent crude, the international standard, is over $112. Both prices are around 4% higher on Wednesday from the UAE announcement low.
The UAE’s decision follows years of simmering tension between Abu Dhabi and Riyadh over production quotas. The UAE has invested over $150 billion (€128bn) in the state-owned Abu Dhabi National Oil Company (ADNOC) to expand its capacity to five million barrels per day.
However, under OPEC’s restrictive framework, much of this capacity remained underutilised, now prompting the government to prioritise its national interest.
The departure of the group’s third-largest producer is a significant blow to the cohesion of the 60-year-old organisation. Maurizio Carulli, global energy analyst at Quilter Cheviot, noted the limitations this exit places on the remaining members.
“Until tanker traffic through the Strait of Hormuz is safe again, OPEC’s ability to stabilise prices is sharply constrained, while US producers have gained outsized influence,” Carulli explained.
While the UAE has pledged to bring additional production to the market in a “gradual and measured” manner, the sudden lack of coordination within OPEC has introduced a new layer of uncertainty.
For the UAE, the blockade served as a final catalyst for its exit. With its primary export route under threat, Abu Dhabi has sought the diplomatic flexibility to forge independent security and trade partnerships outside the traditional cartel structure.
Despite the geopolitical turmoil, energy equities have remained resilient.
According to Carulli, “integrated majors such as BP, Shell, TotalEnergies, ENI, Chevron and ExxonMobil are benefitting from a price uplift that could add 5-10% to operating cash flow for every $10 increase in oil prices.”
In a separate but related development, the security situation in the Middle East remains precarious despite a fragile ceasefire. Iran has recently offered a ten-point proposal to reopen the Strait of Hormuz.
In exchange for restoring maritime traffic, Tehran is demanding a full withdrawal of the US naval blockade and an end to the current hostilities.
US President Donald Trump, who recently extended the two-week ceasefire mediated by Pakistan, described the latest Iranian offer as “much better” than previous iterations but still did not accept the terms.
Shortly after, Trump posted on social media claiming that Iran is in a dire and desperate condition with no leverage to negotiate.
Washington continues to insist on a permanent settlement regarding Iran’s nuclear programme and an “unconditional” reopening of the waterway before sanctions are lifted.
The impact of this blockade on global energy security cannot be overstated.
“The prolonged closure of the Strait of Hormuz has removed roughly 12% of global oil supply from the market, according to the IEA, a bigger disruption than the Yom Kippur war, the Iran‑Iraq conflict, the invasion of Kuwait or even the fallout from Ukraine,” Carulli highlighted.
UAE exits OPEC, exposing Gulf rift over oil strategy, Iran policy, and market stability.
The United Arab Emirates’ announcement to leave OPEC on May 1 marks more than a policy shift: It signals the unraveling of a long-eroding Gulf consensus on oil, economic strategy, and Iran. The announcement comes on the heels of the Gulf Creators event in Dubai on April 27.
“Every Gulf state had its own policy of containment toward Iran, and all of those containment policies have failed,” senior Emirati official Anwar Gargash said at the event. “All our policies have failed miserably,” he added—a rare public admission of strategic exhaustion that underscores why Abu Dhabi is recalibrating its regional and energy posture.
That recalibration now includes leaving the Organization of the Petroleum Exporting Countries. The UAE joined the bloc in 1967, when Abu Dhabi—now the federation’s capital—emerged as an oil producer. In announcing its exit from both OPEC and OPEC+ (a larger coalition that includes Russia), the UAE said the move aligns with its long-term strategy and will allow it to increase output in line with market demand gradually.
At the heart of the split is a widening divide between Riyadh and Abu Dhabi. Oil policy has long been a source of tension between the two Gulf powerhouses. The UAE’s exit now leaves Saudi Arabia to shoulder a heavier burden in stabilizing global oil markets.
The UAE isn’t the only country to abandon OPEC cohesion. Qatar exited OPEC in 2019, breaking with the Saudi-led bloc amid an ongoing boycott.
Angola and Ecuador also left in recent years. The UAE’s similar move underscores that politics continues to shape the cartel, even as it focuses on stabilizing oil prices through production decisions. And because of its status as a major producer, the UAE’s exit is structurally more consequential for global supply management.
Experts say the UAE produced about 3.4 million barrels per day—about 13% of OPEC’s total output—and had the capacity to reach 5 million barrels per day before the US-Iran war began on February 28.
In effect, OPEC is not just losing a member—it is losing a key balancing force at a moment when geopolitical instability and oil market fragmentation are accelerating.
Japan reemerges as global finance hub amid reforms, rising yields.
Japan is reasserting itself in global finance, shedding its long-standing image as a passive anchor of ultra-low rates. Nowadays, it’s moving back toward the center of international capital flows.
Three reinforcing dynamics are driving this transition: monetary normalization, sustained corporate governance reform and a renewed wave of foreign investor interest.
The gradual end of negative yields marks a structural turning point. As the gap between Japanese and US interest rates narrows, yields on long-term Japanese Government Bonds (JGBs) are rising. This is prompting a recalibration of global asset allocation strategies. This evolution is occurring alongside a broader regional reassessment, as geopolitical uncertainty encourages investors to rebalance exposure across Asia.
At the same time, reforms led by the Tokyo Stock Exchange are reshaping corporate behavior. A stronger emphasis on capital efficiency, shareholder returns and transparency has supported equity market performance and attracted nonresident inflows. Analysts expect fiscal support and a moderately reflationary environment to underpin earnings growth through 2026.
“The reforms have certainly been successful, but Japan’s political stability and robust regulations are also drawing attention to Tokyo,” says Tokio Morita, Executive Director of FinCity.Tokyo.
Morita notes growing interest in programs that help asset managers and fintech firms establish local operations, as well as initiatives that have supported around 15 foreign entrants and improved global communications between more than 60 Japanese firms and overseas investors.
This renewed momentum comes amid a fragile global backdrop. Total global debt reached $348 trillion in 2025. Yet, Japan’s debt-to-GDP ratio has edged down modestly relative to peers, even as headline public debt remains elevated. Emerging markets, by contrast, face more than $9 trillion in refinancing needs in 2026. This reinforces Japan’s role as a comparatively stable capital provider. As major central banks, including the Fed and the ECB, move deeper into easing cycles, Japan’s more differentiated policy path underscores its re-emergence as an independent force.
Tokyo is once again positioning itself as a market global investors cannot afford to overlook.
On China, the mood at the European Commission has shifted in recent months.
China hawks are gaining ground inside both the Commission’s powerful Directorate-General for Trade and in the cabinet of President Ursula von der Leyen, Euronews has learned, with drastic new measures being considered to counter what is seen as unfair competition.
The 27 EU commissioners are set to debate on their China strategy on 29 May, with one official saying, “It will be about acknowledging there is a problem and that something needs to be done.”
Tensions flared Monday after China’s Ministry of Commerce threatened retaliation against the EU over its Made in Europe legislation, which sets strict conditions on foreign direct investment.
An EU official told Euronews the Chinese were “playing games,” adding that the Commission’s priority remains engagement with Beijing through multiple channels set up in recent months.
However, Commission services are already working on new measures to address China’s economic threats, sources have confirmed. “We don’t see any move from the Chinese despite all the issues we have flagged with them, so there’s a reflection on whether we should do more,” one said.
Another source said the release of Germany’s trade deficit figures before Christmas marked a turning point for the Commission.
Data published last autumn by Germany Trade & Invest (GTAI) showed a record €87 billion German trade deficit with China — a wake-up call in Berlin, long focused on securing market access in China ahead of protecting domestic manufacturing.
China has since surged up the agenda for German industry, for the Bundestag — which has set up a dedicated committee — and for the Commission, whose German president has Berlin’s ear.
The EU has long grappled with cheap Chinese imports threatening its industry. Pressure intensified last year after the US slapped steep tariffs on Chinese goods, effectively shutting its market and pushing Beijing to reroute overcapacity in sectors like steel and chemicals toward Europe.
A recent report by the French High Commission for Strategy and Planning, a French government advisory body, warned that “the production cost gaps, as assessed by industry players [across Europe], have now reached levels incompatible with sustainable competition, averaging between 30% and 40%, and exceeding 60% in certain segments (industrial robotics, mechanical components).”
Under these conditions, how can the EU defend its market?
The bloc’s leverage is mainly limited to its 450 million-strong consumer base. Still, one source said it is “increasingly becoming mainstream” inside the Commission to warn Beijing that the EU market could close without rebalancing.
But the trade-offs are stark.
Chinese electric vehicles — hit with EU tariffs in October 2024 — highlight the dilemma. China depended equally on the US and EU markets for almost all its exports before Donald Trump’s return to the White House in 2025. “It cannot easily diversify its EVs as it will not sell in Africa, nor in southeast Asia, where there’s no infrastructure,” another source said.
At the same time, Europe remains reliant on China imports in many of the same sectors where China depends on Europe. “Are we to close our market to lithium batteries from China? We cannot do this overnight,” the same source said. The same applies to solar panels, laptops and medical devices.
The EU has trade defence tools — including anti-dumping and anti-subsidy duties — but they can take at least 18 months to deploy after a complaint is filed. Two sources said the Commission is working on new instruments, but by the time they bite, the damage may already be done.
A fourth source described an overcapacity instrument as still “premature.”
However, Commission services are also mulling the Anti-Coercion Instrument (ACI), which allows the EU to deploy a wide range of measures — from tariffs to restrictions on public procurement or intellectual property — in response to economic pressure from third countries.
The tool, sometimes described as a “trade bazooka”, has never been used since its creation in 2023, but resurfaced after China weaponised rare earth exports in October 2025 during its trade standoff with the US by imposing strict export controls.
Exports resumed after Washington and Beijing agreed on a one-year truce, which also covers Europe. But that deal expires in October 2026, leaving uncertainty hanging over the EU.
Brussels wants the anti-coercion tool ready if needed.
Tensions could rise further after Beijing’s threats over the Industrial Accelerator Act — the Made in Europe legislation now debated by member states and MEPs — or over pressure linked to the Cybersecurity Act, which could phase out Chinese telecom operators from the EU market.
However, a qualified majority of EU countries is needed to activate the ACI, and member states remain split.
“It requires a political support higher than for the traditional anti-dumping or anti-subsidies duties which can only be rejected by a reversed majority of EU countries,” a source said.
Despite the wake-up call, German Chancellor Friedrich Merz struck a softer tone in March, floating a long-term trade deal with Beijing.
But in Brussels, that idea is off the table.
“There are a number of concerns and real challenges that the European Union has consistently expressed to China that we need to see them meaningfully address before we can even talk about any future agreements or anything like that,” the Commission’s deputy chief spokesperson, Olof Gill, said.
Spanish Prime Minister Pedro Sánchez — who has visited China four times in three years and secured major Chinese investment — backs closer ties with Beijing.
Meanwhile, Belgian Prime Minister Bart De Wever urged a tougher line in an 18 March letter to von der Leyen.
“We have arrived at a point of no return in which we need to make difficult choices in the short term towards China to protect our industries, economies and the well-being of our citizens in the long term,” he wrote.
France, long a proponent of a hard line on China, shares that view.
Eurobonds have returned to the spotlight after Emmanuel Macron revived the debate last week, calling for increased joint EU borrowing to boost the European economy.
The French president has often argued the EU will need billions in fresh funding as the bloc faces mounting competition from China and the United States and invest massively in defence and advanced technologies.
Macron is leading a group of countries that argue no single member state can meet these challenges alone. Instead, they argue it would be more effective to raise funds collectively on financial markets, unlocking billions of euros for shared European projects.
A growing number of economists and central bankers — including the typically cautious Deutsche Bundesbank — have also voiced support, noting that joint borrowing could reduce financing costs.
However, countries opposed to further debt, led by Germany, argue that eurobonds will only increase the EU’s debt load, while ignoring the real issue of declining productivity.
So, what happens next? Euronews explains:
In the EU context, eurobonds means joint debt issued by EU institutions and backed collectively by member states. This means the responsibility to repay it is shared, with risk pooled across the bloc, and the additional debt does not impact national balance sheets alone, which is useful for the most indebted member states.
With a top-tier, AAA credit rating, they would be considered a safe asset, underpinned by the combined guarantees of EU countries. This could allow governments to borrow at a lower cost compared and thus pay less interests to creditors.
Eurobonds are intended to help finance major long-term investments, including infrastructure, the green transition and defence, where the EU will have to raise and spend billions of euros in a plan titled Readiness 2030.
The EU has already made use of joint borrowing through its €750 billion recovery plan, NextGenerationEU, agreed in 2020 in response to the COVID-19 pandemic, and Brussels agreed that it was successful. Still, it insists it was a one-off.
More recently, the idea was revived by Mario Draghi in his 2024 report on European competitiveness. The report argued that joint EU borrowing would be needed to mobilise an additional €800 billion in annual investment if the bloc is to remain competitive globally. A part of it would be private funds, but public investment would be needed too.
The debate over eurobonds has divided the EU for decades, stretching back to the euro zone’s sovereign debt crisis.
Fiscally conservative countries — including Germany, Netherlands, Austria, Finland and Sweden — often referred to as the “frugals”, have traditionally opposed joint borrowing.
They argue it could weaken fiscal discipline and leave more prudent countries exposed to the debts of others. Nonetheless, the need to massively rearm has eased some of the opposition from the Nordic countries which are open to it as long as it goes into defence.
By contrast, southern member states such as France, Greece, Spain, and Portugal have generally supported the idea, seeing it as a way to unlock investment and share financial risks across the bloc. Italy under Giorgia Meloni has played this both ways, saying it sees the benefits while trying to build a close rapport with Germany.
Emmanuel Macron has been among the most vocal advocates in recent months. Speaking at an informal EU summit in February, he called for the creation of a joint borrowing capacity for future investment. His proposal was quickly rejected by Germany.
But still, the French president has not given up on the idea, and by reviving the plan for eurobonds, he is looking to place the debate high on the agenda ahead of a June summit of European leaders.
Paris and Berlin did, however, work together in 2020. Emmanuel Macron and then-German chancellor Angela Merkel played key roles in pushing through the EU’s pandemic recovery fund, although Berlin insisted at the time that the measure was temporary.
Her successor, Friedrich Merz, has taken a firmer stance. Speaking on 24 April, he said that higher debt and the issuance of eurobonds were “out of the question” from a German perspective.
As a form of collective debt, eurobonds would be repaid jointly by all 27 EU member states, with responsibility shared across the bloc.
The EU has already taken a similar approach with its €750 billion recovery instrument, NextGenerationEU. The repayments should begin in 2028, which kickstarts the next EU’s long-term budget through 2034, which is currently under negotiation in Brussels.
The deadline for the full repayment is 2058.
Some countries, led by France, have called for repayments to be delayed or refinanced through new joint borrowing. Macron said a quick reimbursement in the current context would be “idiotic” and the EU should not rush repayments at the expense of future investment.
Kyriakos Mitsotakis has made a similar case, questioning whether repaying the recovery fund now would reduce the EU’s budgetary capacity at a time when demand for European bonds remains strong.
Eurobonds have so far gained little traction in Brussels.
They were briefly referenced in a preparatory note by the European Commission ahead of a 16 February meeting of euro-area ministers. However, the issue was not taken forward at the subsequent Eurogroup meeting in March.
“There is a divergence in appetite regarding eurobonds,” Eurogroup President Kyriakos Pierrakakis said at the time.
In recent months, Eurogroup discussions have instead focused on the fallout from the conflict in Iran, particularly its impact on European energy prices, as well as broader efforts to boost competitiveness and advance Capital Markets Union legislation.
For now, diplomats say momentum is limited.
“I don’t see a lot of appetite on eurobonds at this stage, and indeed it’s not being really discussed for now,” one EU official told Euronews.
The Eurogroup is due to meet again on 22 May, and EU leaders will gather for a summit in Brussels in June.
No major Eurogroup discussions on eurobonds are currently foreseen, and Macron’s endorsement is unlikely to change the agenda, diplomats told Euronews.
Part of the reason is the EU’s focus on the impact of the conflict in Iran on energy prices — a major concern for the bloc’s economic outlook. The firm opposition of Friedrich Merz is also weighing heavily on the debate.
However, eurobonds are likely to remain on the agenda for EU leaders, with further backing expected in the coming months.
(Bloomberg) — Thailand expects the Middle East conflict to weaken economic growth and fuel inflation, underscoring the need for more fiscal support to shield consumers and businesses from a worsening energy crisis. Read More
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Good morning from Brussels.
Events in Washington DC this weekend caught Brussels off guard as officials were enjoying the start of spring.
A 31-year-old man named as Cole Tomas Allen has been arrested after opening fire Saturday evening outside the reception hall of the annual White House Correspondents’ Association (WHCA gala), which Donald Trump was attending for the first time. The White House says it was a targeted attempt at the life of Trump and his officials.
Fortunately, no one was killed.
In Europe, EU leaders quickly voiced support for the US President, who had skipped the event for years before agreeing this time to attend, despite strained relations between the White House and the press corps under his second term.
“I just spoke to @POTUS Donald Trump to express my solidarity with him and @FLOTUS after the attempted attack,” European Commission President Ursula von der Leyen wrote on X. She added that “political violence has no place in our democracies”.
French President Emmanuel Macron called the incident “unacceptable”, while German Chancellor Friedrich Merz said: “We decide by majorities, not by the gun.”
Transatlantic tensions briefly faded, even as Reuters reported the US could seek to suspend Spain from NATO over its refusal to back the US and Israel’s war in Iran.
Spanish Prime Minister Pedro Sánchez played down the threat and joined EU leaders in condemning the attack. “Violence is never the answer,” Sánchez wrote on X. “Humanity will only move forward through democracy, coexistence and peace.”
On Sunday, Trump rejected any link between the armed intrusion at the WHCA dinner and the Middle East war. He said the incident would not “deter” him from “winning the war”.
Earlier in the weekend, Trump cancelled a trip to Pakistan planned for envoys Steve Witkoff and Jared Kushner, writing on social media: “Too much time wasted on traveling, too much work!” He added, referring to Iran: “There is tremendous infighting and confusion within their ‘leadership’.”
On his side, after going to Oman and Pakistan over the weekend, Iranian Foreign Minister Abbas Araghtchi landed in Russia to meet Vladimir Putin.
According to the Iranian news agency Fars, Tehran has sent, via Pakistan, written messages to Washington regarding its “red lines” in the negotiations.
After talks with French Foreign Minister Jean-Noël Barrot, Araghchi wrote on Telegram that he had briefed his French counterpart on ceasefire developments and ongoing diplomatic efforts “to end the imposed war”. He stressed “the importance of European countries playing a constructive role in this process”.
Meanwhile, in Lebanon, the situation remains fragile. Over the weekend, Israel and Hezbollah accused each other of violating the ceasefire.
The Shia Islamist political party and military organisation released several statements on Sunday saying its fighters targeted Israeli troops and positions in response to Israeli ceasefire violations and attacks on Lebanese villages.
On Sunday evening, Israeli Prime Minister Benjamin Netanyahu convened a group of ministers and senior security officials to discuss both Iran and the situation in Lebanon, according to local media. One option under consideration is escalating strikes against Hezbollah, including targeting areas beyond southern Lebanon.
At least 2,509 people have been killed and 7,755 injured in Lebanon since the start of Israeli strikes in early March, the country’s health ministry said.
Lebanon’s Minister for Displaced Persons, and Technology and AI, Dr. Kamal Shehadi told Euronews’ Europe Today that “the truce is not holding” but there are “clear signs that both sides are making an effort” to avoid escalation beyond the current level of violence.
Shehadi said the government’s most important leverage to help disarm Hezbollah is having the vast majority of the Lebanese people backing them and calling for Hezbollah to surrender its weapons to the Lebanese Armed Forces.
“The international community is supportive of Lebanon’s intention to control all the weapons on Lebanese territory. Now, that’s not enough, clearly, and so what we need to do is continue to put pressure on Hezbollah to get Hezbollah to accept and to relinquish its weapons, because the weapons today are only going to bring more retaliation from Israel,” Shehadi said. Watch the full interview here.
Meanwhile, Brussels is preparing for the visit of Péter Magyar, whose opposition party won Hungary’s 12 April election.
“I will travel to Brussels on Wednesday for informal talks with the President of the European Commission on unlocking EU funds,” he wrote on X. “We have no time to waste.”
A honeymoon now begins between Budapest and Brussels after 16 years of tension under outgoing Prime Minister Viktor Orbán, who announced on Saturday he won’t take up his seat in parliament after his Fidesz party suffered a heavy loss in the 12 April vote.
Meanwhile, incoming Prime Minister Magyar said on Saturday he had information that wealthy figures linked to Orbán’s outgoing government were moving assets abroad and called on authorities to detain fleeing oligarch families.
“I am aware that Hungary’s National Tax and Customs Administration (NAV), based on reports from banks, has suspended several high-value transfers linked to Antal Rogán’s circle on suspicion of money laundering. I call on the leadership of NAV to immediately freeze these stolen funds,” Magyar wrote on X, referring to the outgoing top minister under Orbán’s administration.
As Ukrainians marked the 40th anniversary of the Chernobyl disaster, Ukrainian President Volodymyr Zelenskyy accused Russia of “nuclear terrorism”, alleging it repeatedly sends attack drones over the site.
On social media, Zelenskyy warned that Russia’s invasion of Ukraine has once again pushed the world to “the brink of a man-made disaster”.
He also said drones now regularly fly over Chernobyl. “The world must not allow this nuclear terrorism to continue, and the best way is to force Russia to stop its reckless attacks.”
Russian strikes on Ukraine continued through the anniversary, with Moscow launching 144 drones in a barrage during the night between Saturday and Sunday.
Read the full story by Lucy Davalou.
The German government believes Russia is behind a new phishing campaign targeting lawmakers and senior officials via the Signal messaging app.
The incident is the latest in Moscow’s hybrid war targeting Europe.
Victims are said to receive messages posing as Signal support, prompting them to enter a PIN, click a link or scan a QR code. If successful, the scam gives hackers access to messages, group chats, and any photos or files shared by the user.
Media reports say at least 300 accounts belonging to political figures were compromised. Civil servants, diplomats, military personnel and journalists were also targeted.
Vice-President Andrea Lindholz (CSU) has ruled out banning Signal, saying MPs should be free to decide how they communicate.
You can read the story of Sonja Issel & Evelyn Ann-Marie Dom here.
Zelenskyy says he is ready to meet Putin in Azerbaijan. On a visit to Azerbaijan, Ukrainian President Volodymyr Zelenskyy said he is ready to meet Vladimir Putin there, as US-led diplomatic talks have stalled in recent weeks. Read **Sasha Vakulina’**s story here.
Kenya’s Sabastian Sawe becomes first person to run marathon in less than two hours. In London, Kenya’s Sabastian Sawe made history by becoming the first athlete ever to break the two-hour barrier in the marathon. Jesús Maturana has the full story.
– European Parliament plenary session kicks off in Strasbourg. A debate on the “Importance of consent-based rape legislation in the EU” is scheduled later today.
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Germany’s Dax, France’s CAC 40, Italy’s FTSE MIB and the UK’s FTSE 100 are expected to open in the green, according to IG data, despite peace talks between the US and Iran coming to a halt.
The White House called off plans to send envoys to Pakistan for more negotiations and US President Donald Trump cited a lack of progress over the weekend.
“If they want, we can talk but we’re not sending people,” Trump told Fox News on Sunday. He said earlier on social media: “All they have to do is call!!!”
In addition to monitoring progress in the Middle East, investors will also be keeping across central bank decisions this week, including from the ECB and Federal Reserve.
Meanwhile, markets were mixed overnight in the Asia-Pacific region. Tokyo’s Nikkei 225 index hit a fresh record, surging 1.4% to 60,564.18. The Kospi in South Korea jumped 2.1% to 6,617.94. Hong Kong’s Hang Seng index edged 0.1% lower to 25,951.86 and the Shanghai Composite index was up 0.2% at 4,089.04. Australia’s S&P/ASX 200 slipped 0.3% to 8,759.40.
Taiwan’s Taiex rallied 2.6%, helped by a revival of buying of tech shares driven by the boom in artificial intelligence.
In other dealings early Monday, the price for a barrel of Brent crude to be delivered in July, rose $1.44 to $100.57, while US benchmark crude oil added $1.28 to $95.65.
The dollar fell to 159.34 Japanese yen from 159.59. The euro climbed to $1.1723 from $1.1701.
U.S. oil sanctions swings add uncertainty for markets, global trade
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U.S. shale industry reluctant to boost oil production in response to Iran war 'chaos'
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Musk fraud claims against Altman, OpenAI dismissed
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New York City is set to make history with its first full casino opening
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The advent of autonomous treasury has ignited a competitive push, complete with aggressive industry targets. Not all companies will want to proceed at the same speed.
The shift to an autonomous treasury is reshaping the world of corporate finance, driven by new strategies and technologies—from self-healing cash forecasts to AI-driven liquidity engines—that are replacing legacy systems and maximizing yield.
To fully realize the potential, corporate finance leaders are strategically investing in the key areas that will accelerate the transition. The next phase of autonomous treasury will be defined by three investment-focus areas, says Sayantan Chakraborty, head of Digital Payments at Fiserv. “Treasurers don’t lack visibility anymore; they lack widgets that can act on that visibility in real time,” he says. “The gap isn’t analytics. It’s execution.”
Although agentic AI can forecast cash positions and draft funding instructions, Chakraborty notes, current corporate infrastructure often runs in batch mode. The first essential missing link is comprehensive, real-time cash positioning, second, it’s combined with rule-based, just-in-time money movement across multiple payment rails—including instant and traditional—and third, integration of new features like tokenized deposits and programmable payments.
The technological journey still requires human expertise, however. And Chakraborty advises building around legacy ERP systems rather than waiting for a complete modernization.
“Think of it as an AI-powered autopilot added to an older cockpit,” he says. “Policies are enforced, actions are executed, and audit trails are preserved without forcing a full-core replacement on day one, under the watchful eyes of a trained cockpit and cabin crew.”
The era of multi-year, big-bang upgrades is over, Chakraborty argues. Instead, the best course is to implement a lightweight, 24/7 automation layer to handle real-time balances, rules, and payments.
As instant payment rails and real-time reporting become more widespread, Chakraborty predicts the current practice of pre-funding accounts before cut-offs will become obsolete. Instead, “agentic AI will push treasury from once-a-day instructions to continuous, just-in-time funding: as soon as execution matches intent across all rails.”
This shift will impact float, causing idle-balance float to decrease and driving banks to focus their earnings on 24/7 clearing services, intraday credit, and real-time liquidity.
Siemens, a leader in autonomous treasury, adopted J.P. Morgan’s programmable payment feature (formerly Onyx, now Kinexys) in late 2023. Siemens shifted to advanced programmable payments using the blockchain-based ledger, JPM Coin. This allows their bank accounts to autonomously manage cash and execute transactions based on pre-defined rules. Addressing the inefficiency of idle pre-funded balances, Siemens implemented a just-in-time mechanism. Funds are only moved into a specific account the moment a payment is due. If a balance drops below a set threshold, the system autonomously sweeps funds from a central cash pool, enabling Siemens to operate with near-zero balances in local accounts.
“In my experience, the biggest challenge is not technology, but the mindset shift in finance and treasury,” states Heiko Nix, global head of Cash Management and Payments, Siemens. “For almost every technical problem, there is a solution. But simplifying entrenched processes and changing how people think about treasury and its role takes significantly more time and effort. In practice, you do not need to convince everyone at once, what matters is building sufficient momentum across the organization to enable real transformation.”
AI creates a strategic opportunity, argues John Stevens, senior vice president, global head of Capital Markets, Financial Institutions & Working Capital at Kyriba.
“AI can transform working capital management from a retrospective reporting function into a forward-looking control tower,” he says. “Instead of focusing on past events, you can optimize for the future in real time. This is because tasks that previously required manual, analog effort, or demanded analysts to spend long hours consolidating reports, can now occur instantaneously. This real-time capability allows for significantly more sensible and timely decision-making.”
Companies still need to work closely with vendors to build AI safely, he cautions: “We don’t see a single out-of-the-box ‘autonomous’ product replacing the diversity of treasury needs.” The future will be “composable,” he predicts, although it is important to be precise about what this means.
While Kyriba App Studio serves as an extensibility layer for building bespoke integrations and workflows on the Kyriba platform, Stevens stresses that it is not an agent-building toolkit. The agentic AI layer is TAI, which provides Kyriba-developed agents with “a clear human in the loop posture.”
Using a third-party model doesn’t automatically make an AI tool less intelligent and using only in house-models doesn’t automatically make it more intelligent, he argues.
“In treasury, the deciding factor is whether the AI can be used safely and consistently in a regulated environment,” Stevens says. TAI isn’t positioned to avoid external LLMs. “We use a leading external model [Anthropic’s Claude] within a controlled, governed deployment. The difference is the wrapper around the model: strict limits on what data it can access, clear rules on what it’s allowed to do, and a full audit trail of activity.”
Practically, that means the AI can help generate insights—summaries, explanations, flag anomalies, scenario narratives—while anything that could affect payments, liquidity, or risk stays under platform controls, approvals, and policy-driven workflows.
“So it’s not a binary choice between open and sovereign,” he notes. “Some organizations will require sovereign options for policy or jurisdiction reasons, but most regulated treasuries are looking for governed AI: strong models, used in a way that is secure, auditable, and designed for real operational control.”
The potential benefits to treasury have ignited a competitive push for autonomy, complete with aggressive industry targets and a race for “fully autonomous” platforms.
HighRadius recently updated its agentic AI platform with the goal of achieving over 90% automation for the Office of the CFO by 2027. The initiative involves deploying AI agents across six product suites and 20 products within accounts receivable, payables, treasury, close, and consolidation. The release of 186 agentic AI agents, announced last February, moves HighRadius closer to the “fully autonomous platform vision” it first announced in 2019, with cash application and cash forecasting already demonstrating 90% touchless automation.
HighRadius prioritizes “measurable value creation,” which it validates with clients through mutually agreed success criteria (MASC). This value is delivered via automated agents, aiming for 90%-plus automation, and assisted agents, designed to triple user effectiveness.
CEO Sashi Narahari views agentic AI as an interim step toward HighRadius’s goal of ensuring that all its products are “fully autonomous”—defined as 90%-plus touchless end-to-end process—by 2027. Narahari stresses the critical nature of this goal, to the point that failing to achieve it would lead to the company’s demise.
What about mid-tier banks that may not want to jump to a comprehensive transformation? For them, Chakraborty advises that a single, reliable orchestration endpoint is better than many disparate APIs.
“Essential to this is a real time balance plus payment execution API,” he says “exposing positions, limits, and instant movement through a single, resilient interface. That’s what lets AI driven treasury systems act as agents, not just analysts.” Integrating such a process with tokenized deposit movement is also beneficial where possible, he adds.
That said, the journey toward the autonomous treasury, spearheaded by pioneering companies like Siemens and driven by the rapid evolution of agentic AI, is fundamentally redefining corporate finance.
The shift is not merely about incremental efficiency gains but is coming to be seen as a strategic imperative for maximizing yield, securing real-time liquidity, and moving beyond the constraints of legacy systems. Corporate treasurers who are embracing the transition are attracted by a promised tactical roadmap to a future-proofed role. For the financial institutions that serve them, autonomous treasury is an urgent call to align their offerings with a new era of continuous, intelligent, and just-in-time financial control.
CrowdStrike (NASDAQ: CRWD) dropped 5.55% to $440.78 in Thursday afternoon trading, breaking a six-day rally.
The stock had gained more than 17.11% over that stretch, outpacing the S&P 500’s 2.45% increase. Despite that run, shares are down 4.52% year to date versus the index’s 4.27% rise.
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French liberal MEP Christophe Grudler told Euronews the Commission’s proposed European preference, once adopted, covering public procurement in strategic sectors such as clean tech, cars and energy-intensive industries (aluminium and steel) should be limited to a core group of non-EU countries.
The “Made in Europe” provisions of the so-called “Industrial Accelerator Act” have triggered a fierce political battle between supporters, led by Germany and Nordic countries, of a broad definition including “like-minded” partners, and those, led by France, pushing for a narrower approach.
In its proposal unveiled on 4 March, the Commission leaned towards the broader interpretation.
“The Commission’s option is very poor. It reflects a completely outdated view of trade policy,” Grudler said, adding, “When the Americans introduced the Buy American Act, they didn’t worry about whether it would strain ties with Europe. At some point, we need to stop being naive.”
The MEP is set to be one of the lead negotiators on the proposed new rulesin the European Parliament as talks begin shortly.
The European preference aims to counter foreign competition, notably from the US and China. The Commission proposes excluding non-EU countries depending on how open they are to the EU taking part in their procurement markets as well as existing trade agreements.
But Grudler argues geography should be the guiding principle, limiting “Made in Europe” to countries closest to the EU — first and foremost the European Economic Area: Iceland, Liechtenstein and Norway.
Switzerland could also be “a good candidate”, he said.
“Switzerland has had a public procurement agreement since 1989. It is a bilateral agreement stating that all European companies have access to the Swiss public procurement market, and that all Swiss companies have access to the European public procurement market. It is therefore a rather good candidate.”
The UK could also be considered to some extent, but “conditions will need to be examined” following Brexit, he added. “There is also a point where Europe has to make sure it comes out financially ahead.”
He wants the law to send “a strong signal” to investors backing key EU industries, “particularly energy-intensive sectors and clean technologies.”
“It is another step in Europe’s resilience against unfair competition from other continents.”
However China has voiced strong opposition to the Commission proposal, seen in Beijing as restricting its access to EU procurement and investment.
“This legislation is Europe standing firm for its strategic industries,” Grudler said.
“China has overcapacities in cars or in steel. They are relying on the naivety of Europeans to do business, to generate double-digit growth again, and then to invest in research and development and get ahead on everything, all the while cheating through direct subsidies to destroy our industries.”
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Météo-France has initiated an inquiry to determine whether the meteorological infrastructure managed by them was targeted by individuals seeking to influence prediction markets.
This development follows reports of highly unusual temperature spikes that triggered significant financial payouts on the blockchain-based site Polymarket, where users place wagers on real-world events.
Investigators are examining if the integrity of the national weather network was breached through physical or digital interference, as the precision of the winning bets suggests the actors involved may have had direct control over the reported data.
Online rumors, which remain unverified for the time being, claim the temperature reading was manipulated by someone using a hair dryer to generate a higher temperature.
Polymarket reportedly settles Paris temperature bets on a single Météo-France sensor sitting near the Charles de Gaulle airport perimeter.
On 6 April, the reading from the sensor abruptly rose 4°C in twelve minutes, crossing the 22°C threshold despite data from other sources showing different figures.
A user on Polymarket aggressively bet on readings above 21°C on that specific day, even though the consensus was lower at 18°C, and profited almost €30,000.
A second similar anomaly occurred on 19 April leading to suspicions that the sensor was tampered with.
Météo-France announced that it has filed a complaint with the Roissy air transport gendarmerie brigade “for [the] alteration of the operation of an automated data processing system,” after an analysis of sensor data.
Polymarket suspended its reliance on the compromised weather data source for Paris, shifting its resolution metric from the sensor in Charles de Gaulle airport to the one in Paris-Le Bourget airport.
However, it did not cancel the contracts or refund the bets, leaving the resolved contracts final, even though on previous occasions it has suspended the resolution of certain bets until further clarification on the rules and circumstances.
This incident has reignited the debate over the reliability of the “oracles” that feed data to prediction markets in order to settle bets.
In decentralised finance, an oracle is the mechanism that feeds external, real-world information into a smart contract to determine a financial outcome.
Polymarket relies on these feeds to settle its contracts, often pulling data directly from official government websites. If the primary source of that data is corrupted, the betting market lacks any internal mechanism to verify the truth.
Additionally, the decentralised nature of these platforms makes it difficult to freeze assets even if an investigation identifies the individuals behind suspicious trades.
This is the latest case that highlights a new frontier of white-collar crime, where the manipulation of the physical world is used to exploit the vulnerabilities of automated prediction markets in order to win bets on real-world events.
London Stock Exchange reports Q1 results
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Earnings Call Insights: Tesla (TSLA) Q1 2026
Tesla framed 2026 as an investment-heavy year, with CEO Elon Musk saying, “We’re going to be substantially increasing our investments in the future so you should expect to see significant — a very significant increase
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Kevin Warsh, the man nominated to lead the Federal Reserve, the world’s most important financial institution, told the US Senate Banking Committee on Tuesday that he had made no secret agreements with the White House over interest rate policy, defending his professional integrity.
He said he would act independently if confirmed to succeed Jerome Powell, despite continued public pressure from US President Donald Trump for lower borrowing costs.
The question of that independence was put sharply to him during the hearing, when Republican Senator John Kennedy asked whether he would be Trump’s “human sock puppet”. Warsh replied: “Absolutely not.”
His comments came amid broader concerns on Capitol Hill about the future direction of the central bank, with lawmakers divided over his past record and approach to monetary policy.
Warsh insisted that the President had never asked him to commit to any specific interest rate path and said he would not have agreed to such a request.
The hearing highlighted the significant pressure facing the Federal Reserve as it maintains its independence while addressing inflation, which remains at 3.3%.
Just hours before the session began, US President Donald Trump stated in a CNBC interview that he would be disappointed if Warsh did not immediately implement rate cuts.
This current friction suggests that the White House may struggle to secure the necessary votes to confirm Warsh before Powell’s term as Fed Chair expires on 15 May.
Democratic senators were particularly vocal in their scepticism, accusing Warsh of shifting his economic stance to suit the political climate.
US Senator Elizabeth Warren labelled the nominee a “sock puppet”, suggesting his installation would facilitate an “illegal takeover” of the institution.
Critics also pointed to his historical record, alleging that he favoured higher rates during Democratic administrations but has become more dovish under Republican leadership.
US Senator Ruben Gallego cited reporting from the Wall Street Journal (WSJ), which claimed the President had previously urged Warsh to reduce borrowing costs. Warsh responded by stating that such reports were based on inaccurate sources and reiterated that the independence of the Fed is “essential” for economic stability.
Despite Trump’s backing, the nomination also faces a critical roadblock within the Republican Party.
US Senator Thom Tillis, a Republican from North Carolina, reiterated his refusal to support Warsh as long as a Department of Justice investigation into Jerome Powell continues.
The probe, led by Assistant US Attorney Jeannine Pirro, is examining whether Powell committed perjury during testimony last year regarding the budget of a Federal Reserve building renovation project.
Tillis and other Republican colleagues have expressed their support for Powell, arguing that the investigation is meritless. According to Tillis, he will not vote for a successor until the “investigation is dropped,” a stance that effectively freezes the nomination in a closely divided committee.
Federal prosecutors have reportedly continued their efforts to access Fed records as recently as last week, even after a judge previously found no evidence to support the charges.
The proceedings also delved into Warsh’s personal financial interests and the logistical challenges of a potential leadership transition.
US Senator Elizabeth Warren raised questions about the nominee’s investments in private entities, including SpaceX and Polymarket, noting that the specific size of these holdings had not been fully disclosed to the public.
Warsh defended his position by stating that the Office of Government Ethics has already approved his plan to divest all assets within 90 days of his confirmation.
Compounding the uncertainty is the unique situation involving Jerome Powell.
Unlike most departing Chairs, Powell has indicated he intends to remain on the Federal Reserve’s governing board until his separate term ends in 2028, or until the perjury investigation is concluded.
This could create an awkward power dynamic where the former Chair sits alongside his successor, a scenario not seen in Washington since the late 1940s.
While US President Donald Trump has threatened to remove Powell from the board entirely, legal experts suggest such a move would be difficult, particularly given recent US Supreme Court precedents relating to the protection of Fed governors from political dismissal.