ESMA has issued a statement regarding the treatment of settlement fails under the CSDR penalty mechanism in light of the recent incident involving TARGET Services. The statement provides clarification on how to handle settlement fails, emphasizing the importance of adhering to guidelines to prevent future disruptions in the European financial markets. ESMA’s guidance aims to ensure a more stable and resilient financial infrastructure in the EU.
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Europe’s ‘happy vassal’ complex
The recent US-EU trade agreement has significantly weakened the EU's global standing, exposing its political vulnerabilities and undermining its climate agenda while highlighting a troubling trend of “vassalisation heureuse.” As Trump’s imperial vision takes shape, the EU struggles to assert its sovereignty amid growing dissatisfaction among Europeans, revealing an existential threat that could reshape international order if not effectively resisted. Want More Context? 🔎
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