The Commission’s annual review finds Montenegro close to the final stage of accession talks, with its remaining chapters possibly closed by the end of 2026. Albania is aiming to finish negotiations by 2027, Moldova by early 2028 and Ukraine by the end of 2028. The Commission proposed roadmaps for these four countries and plans to integrate candidates gradually into EU energy, transport, digital and defence frameworks. It also reports stalled progress or backsliding in Serbia, Kosovo, Bosnia and Herzegovina, Türkiye and Georgia.
Why it matters: A larger EU would extend single-market rules to new markets in Southeast and Eastern Europe, opening trade and investment opportunities for US and European companies.
 
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In a blog post, ECB President Christine Lagarde says this summer’s heatwaves, droughts and wildfires had only a small, short-lived effect on euro area growth. She warns the longer-term costs are larger: output in affected regions stays about 1.5% lower two years after a heatwave and about 3% lower four years after a drought, and only about a quarter of catastrophe losses in Europe have historically been insured. She calls for an EU-level public-private reinsurance scheme, faster grid and storage investment, and simpler rules for companies to generate their own power.
Why it matters: Climate risk is becoming a bigger factor in insurance costs, energy prices and investment decisions for companies operating in Europe.
 
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As Europe faces increasingly frequent and complex crises, the European Commission is stepping up efforts to strengthen preparedness across the EU. From helping citizens protect themselves during emergencies to ensuring that national civil protection systems can keep operating when disaster strikes, the EU is delivering concrete measures to make Europe more resilient.
Today, at the European Civil Protection Forum, Commissioner for Equality, Preparedness and Crisis Management Hadja Lahbib presented new guidelines to help people and communities prepare for emergencies, including during the first 72 hours of a crisis. She also announced plans for an annual EU Preparedness Day, with the first edition planned in October 2027. These initiatives build on a recently adopted Commission Recommendation on operational continuity and stress-testing to strengthen the resilience of national civil protection contact points across Europe.
Together, they mark further progress in delivering the EU Preparedness Union Strategy, turning Europe’s preparedness ambitions into practical action.
New guidelines to strengthen population preparedness
From packing essentials in an emergency bag to knowing how to react when disaster strikes, preparedness starts with practical steps. The Commission’s new guidelines will help authorities give people the knowledge and tools they need to protect themselves and others in a crisis.
They cover 4 key areas:

72-hour self-sufficiency: helping people meet their essential needs during the first three days of an emergency, while public assistance is being mobilised, including through essential emergency supplies and emergency grab bags.
Preparedness education: integrating preparedness into early childhood and primary education curricula and providing training for educators, helping children develop preparedness skills from an early age through accessible, age-appropriate activities, without creating fear or anxiety.
Disability-inclusive preparedness: making preparedness measures more inclusive and accessible, taking into account the needs of persons with disabilities and encouraging their participation in preparedness planning, so nobody is left behind.
Communicating risks and threats: helping authorities communicate risks and threats more effectively, ensuring that citizens receive timely, accessible and reliable information before, during and after emergencies.

Together, these non-binding guidelines aim to foster a culture of preparedness across Europe, ensuring that individuals and communities are better informed, equipped and able to anticipate and respond to crises.
EU Preparedness Day
To help making preparedness a shared priority across Europe, the Commission is proposing to establish an annual EU Preparedness Day, to be held every 23 October, starting in 2027. It will encourage citizens and communities to take an active role in preparing for emergencies to protect themselves and others.
The annual event will also recognise the efforts and work of national, regional and local authorities, civil protection organisations and communities in strengthening preparedness across Europe.
The date marks the anniversary of the establishment of the Civil Protection Mechanism on 23 October 2001, recognising its role in fostering European solidarity and coordinating disaster response within and beyond the EU over the past 25 years.
The initiative reflects the importance of citizen engagement, also highlighted by the European Citizens’ Panel on Preparedness. Bringing together 150 citizens from across the EU in March-May 2026, the Panel recommended, among other measures, the organisation of an annual EU Preparedness Week.
The Commission will work with the European Parliament, the Council, the European Economic and Social Committee and the European Committee of the Regions on a joint declaration supporting the initiative.
Strengthening operational continuity and stress-testing
The recently adopted Recommendation on operational continuity and stress-testing aims to help EU Member States and UCPM Participating States ensure that their national civil protection contact points under the Civil Protection Mechanism remain operational at all times, even during disruptive events.
Drawing on lessons from recent crises and disruptions, the non-binding Recommendation provides practical guidance on developing operational continuity plans and regularly testing continuity arrangements. By strengthening the resilience of these national contact points, it aims to ensure that the Mechanism can continue operating around the clock and respond effectively when emergencies occur.
Commissioner for Equality, Preparedness and Crisis Management, Hadja Lahbib, said:
‘When disaster strikes, the first hours can make all the difference. Every European should know what to do, how to protect their family, and how to help others. Preparedness starts in our homes, in our schools, in our communities. That is why we are giving people practical tools to prepare for crises, while strengthening the systems they rely on when emergencies hit.’
Background
The EU Preparedness Union Strategy, adopted in March 2025, sets out a comprehensive approach to strengthening Europe’s capacity to anticipate, prevent and respond to crises and threats.
Building on the recommendations of the Niinistö Report, the Strategy promotes a whole-of-society and whole-of-government approach, recognising that preparedness is a shared responsibility involving public authorities, businesses, civil society and citizens.
The Strategy includes concrete actions to strengthen population preparedness, improve risk awareness and reinforce the EU’s capacity to respond to emergencies.
The Population Preparedness Guidelines are published with 4 accompanying guidance documents, including examples of good practice from Member States and worldwide. As part of an ongoing collaborative process, the guidance may be reviewed at a later stage, taking into account feedback and lessons learnt.

 
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Speech by Boris Vujčić, Vice-President of the ECB, at the Central Bank of Ireland’s Financial System Conference
Dublin, 2 November 2026
Thank you to the Central Bank of Ireland for organising this conference and inviting me to speak. It is a great pleasure to be here in Dublin. Ireland illustrates why the topics of today’s event – from geopolitics to financial resilience – are timely.
Ireland has one of the most open economies in the world and it is deeply integrated into European and global markets. It is a Single Market success story, and a reminder that openness remains one of Europe’s greatest strengths.
But openness works both ways. A shift in US trade policy or a turn in global capital flows can spill over to the Irish economy particularly quickly.
What is true for Ireland is also true on a larger scale for the EU, the world’s largest trading bloc.[1] So, the question I would like to discuss today is simple to ask but harder to answer: how do we retain the benefits of an open economy in a more uncertain world increasingly shaped by geopolitics?
My answer in a single sentence is: not by retreating from openness, but by building the resilience that allows this openness to endure.
Geopolitics is becoming economics
Let me start with the environment we are facing. Geopolitical shocks are becoming more frequent. They affect growth and inflation directly, and they can threaten financial stability.
We have seen this repeatedly in recent years. Russia’s unjustified war against Ukraine and the conflict in the Middle East have triggered severe disruptions in energy markets. Tariffs have renewed uncertainty and redirected global trade flows, while restrictions on exports of critical technologies and raw materials have reinforced the value of strategic autonomy (Slide 2, left-hand side). Alongside these developments, we have seen sanctions regimes, cyber threats and a step change in security and defence spending.
The result is a different macroeconomic environment. Inflation, for example, is now driven more often by supply shocks – in the past six years supply factors have played a role in three major shocks: in 2020, 2022 and 2026. And we are faced with more volatile energy prices as well as greater uncertainty about the outlook (Slide 2, right-hand side).
These shocks can also be transmitted through financial channels. Bond and equity prices may come under pressure, while investment funds could face outflows that amplify market movements.[2] Banks exposed to affected countries, sectors or markets may experience losses that weigh on capital or raise funding costs, potentially leading them to tighten lending.[3]
So far, the financial system has absorbed each of these shocks remarkably well. But financial effects can be highly non-linear and typically emerge abruptly: past resilience is no reason for complacency.
Common in origin, uneven in impact
We cannot prevent geopolitical shocks. And pulling back from the world would not shield us from such shocks: while a fragmenting world means fewer links, it also means that those links are more concentrated. The result is less diversification and higher risk.
Energy is the clearest, and unfortunately a recurring, example.
The EU imports 57% of its energy, and almost all of its oil and gas. Before 2022, much of that came from Russia. That is why Russia’s invasion of Ukraine caused the EU’s largest energy shock since the 1970s.
Europe responded. We diversified our energy supplies by increasing liquefied natural gas (LNG) import capacity and reduced our dependence on Russia. This is an important achievement. But diversification alone could not shield us when tensions erupted in the Middle East earlier this year.
This showed us that exposure is only half the story. The other half is about resilience – in other words, how well we absorb the shocks.
For the financial sector, resilience means strong capital and liquidity buffers, diversified funding, and payment and settlement systems that can withstand operational and cyber threats.
But there is also a broader, economy-wide dimension to resilience – one that is becoming increasingly important for Europe. In a more competitive and uncertain global environment, resilience requires stronger mechanisms for sharing risks and diversifying supply chains across countries and markets.
Coming back to the example of the energy shocks, they hit every Member State differently. How hard they land depends on a country’s energy mix, its trade links and the structure of its financial system. Take 2022: electricity prices for firms rose far more, and stayed high far longer, in Italy than in Spain – and part of the difference is that Spain generates much more of its power from renewables (Slide 3).
Two encouraging points follow from this. First, our energy supply is already more resilient than in 2022. As the energy mix shifts towards low-carbon sources, wholesale electricity prices have become less sensitive to gas prices, including since the start of the war in the Middle East.[4] Second, shocks that are common in origin but uneven in impact have already shown how European risk sharing can cushion country-specific effects and strengthen resilience across the EU.
This shows that the lessons about how Europe can enhance its resilience are not the same as those for other large economies such as the United States and China, which automatically benefit from scale. Europe needs to find its strength in the depth of its integration – rising above the Member State perspective towards a truly European perspective.
Europe’s untapped strength: a truly single market
Today, fragmentation prevents us from realising our European potential. Too often, national rules, standards and procedures diverge, forcing companies to navigate multiple legal and regulatory regimes when they operate across borders. These differences act like internal tariffs: according to ECB estimates, they are equivalent to a tariff of around 67% for goods and 95% for services.[5] While this is the upper bound of estimates, the message is clear: doing business across borders within the Single Market is expensive.
One consequence is a persistent home bias, with capital staying within national borders, alongside a growing allocation of European savings to markets outside the EU.
Consider equity markets. Since 2014, estimated tariff-equivalent frictions affecting cross-border equity holdings within the euro area have fallen by around 12 percentage points. Between the euro area and the United States, the decline has been around 25 percentage points, roughly twice as much (Slide 4, left-hand side).[6] Strikingly, we are integrating faster with the United States than with each other.[7]
As a result, European savings increasingly fund US companies. There are, of course, good reasons to diversify. But in a fragmenting world, this also means greater dependence on a single external partner and leaves our own markets underdeveloped. Venture capital tells a similar story: US funds invest around six times as much as EU-based funds (Slide 4, right-hand side).[8] Foreign venture capital funds partly fill the gap, but this makes it more likely that successful European start-ups move their headquarters or intellectual property abroad, or choose to list outside the EU.
Beyond missing out on growth, a lack of integration weakens risk sharing and therefore resilience.
Let me explain why.
When a shock hits one country harder than others, integrated systems help share the burden. This holds true for energy and electricity markets, where physical interconnections and common trading hubs foster price convergence.[9] It is also true for financial markets, where investors operate across borders and regions. Cross-border investors spread gains and losses. Banks operating across borders can help sustain lending where domestic conditions are weak.
The numbers are stark. ECB research finds that around 70% of state-level output shocks in the United States are absorbed through markets and fiscal transfers, with capital markets doing most of the work. In the euro area, the overall share is far lower, at around 30%, and capital markets absorb only 5 to 10%.[10]
Two results show what that gap means in practice. European firms cut investment in response to higher oil prices. For US firms, we see no such reduction (Slide 5, left-hand side).[11] And among European firms most exposed to the COVID-19 shock, those with mostly domestic shareholders cut investment 20% more than their peers with an international shareholder base (Slide 5, right-hand side).[12]
In a fragmented Europe, investment becomes the margin of adjustment whenever a shock hits. That is a resilience problem before it is a growth problem.
Integration: our best response and the lever we control
We cannot set the trade policy of others. But the openness across borders within our Single Market is entirely within our control. Our broader aim should be to reduce barriers to trade in goods and services and complete the Single Market.
And the numbers are on our side. Reducing internal barriers to goods and services by just 2% could, in the long run, offset the projected impact of higher US tariffs on euro area GDP, estimated at around 0.7 percentage points between 2025 and 2027 (Slide 6).[13]
This shows that integration can strengthen resilience and enhance competitiveness at the same time. And again, in light of the two consecutive energy shocks we have faced, energy provides a particularly relevant example. A more interconnected and genuinely integrated energy market, built primarily on renewables, would reduce reliance on imported fossil fuels and limit their impact on electricity prices.
From a central banking perspective, one of the most important building blocks of the Single Market is the savings and investments union, which targets the financial sector. I am particularly pleased that Commissioner Albuquerque is with us today, as this is a key priority on her agenda and one on which we are closely aligned. I look forward to hearing her reflections on how we can move it forward.
Importantly, the savings and investments union encompasses both the banking union and the capital markets union. Cross-border banking groups should be able to operate across the euro area as though it were a single jurisdiction, with capital and liquidity moving freely within the group. That requires completing the missing pillar of the banking union – a European deposit insurance scheme – complemented by a sound crisis management framework. Deposit protection should be equally robust across the euro area, and bank failures should be managed consistently throughout the banking union, supported by more harmonised creditor hierarchies and insolvency rules.
We also need a truly integrated European capital market that mobilises savings for productive investment and allows capital to flow freely across the EU. Harmonising withholding taxes is an important part of that effort.
And finally, the Single Market cannot function without resilient payment systems. This is why Europe needs its own resilient payments infrastructure: one that keeps working under stress and is European. The digital euro is part of the answer, reducing reliance on non-European retail payment providers. Another part is a European infrastructure for wholesale digital payments. In this regard, the launch of Pontes in September marked an important milestone.
Each of these initiatives lowers barriers and makes Europe more integrated and resilient. Together, they help ensure that Europe stays open to the world.
Conclusion
Let me conclude.
The geopolitical environment is unlikely to become any easier. But how well we absorb the shocks we face depends very much on the choices we make.
Openness, integration and resilience are not competing goals. They reinforce one another. Integration makes us more resilient. Resilience allows us to remain open. And openness, as Ireland’s experience shows, is one of Europe’s greatest sources of prosperity.
Thank you for your attention.
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ECB President Christine Lagarde to Step Down in Early 2027

FRANKFURT AM MAIN — On October 29, 2026, European Central Bank President Christine Lagarde formally announced that she will step down from her position on February 7, 2027. President Lagarde has officially notified the ECB Governing Council and European Council President António Costa of her upcoming departure to ensure an orderly, transparent transition period for eurozone monetary leadership.

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The FSB finalized 12 sound practices to guide global financial institutions in responsibly adopting artificial intelligence. The framework addresses rising market vulnerabilities linked to frontier AI models.
Financial institutions have long used AI tools, but rapid advances – particularly in generative AI (GenAI) and agentic AI – have generated significant interest.
This report sets out 12 sound practices financial institutions are encouraged to consider to facilitate their responsible adoption of AI.
The 12 sound practices are organised into two groups which:

emphasise the importance of organisation-wide AI governance as financial institutions adopt AI.
set out a comprehensive framework for managing risks throughout the AI lifecycle, from development to deployment.

The board and senior management of financial institutions are strongly encouraged to reference the sound practices as they consider business strategy, technology adoption, and risk management in an increasingly AI-enabled environment.

List of Sound Practices for financial institutions’ responsible AI adoption

Sound Practice 1 (Strategic direction and oversight): The board and senior management align AI adoption and governance with the financial institution’s business model, risk appetite, and strategy.
Sound Practice 2 (Governance and accountability): Financial institutions define clear roles and responsibilities, and maintain an appropriate governance framework to enable responsible AI adoption.
Sound Practice 3 (Incorporation of AI risks into risk management framework and effective documentation of AI use): Financial institutions adopt risk management frameworks that effectively address AI risks, and include processes for documentation of AI use, as well as for materiality and risk assessment.
Sound Practice 4 (Organisational adaptability): Financial institutions learn, adapt and adjust their oversight, governance, risk management practices, and capabilities as AI evolves.
Sound Practice 5 (Materiality and risk assessment): Financial institutions implement an effective and systematic approach to assess the materiality and risk of AI use cases at the inception stage and thereafter.
Sound Practice 6 (Selection process): When selecting AI models or systems, financial institutions consider business objectives, operational and technical needs, as well as the materiality and risks of AI use cases.
Sound Practice 7 (Data governance): Financial institutions establish appropriate data governance to maintain data that is fit-for-purpose for training, testing, and using AI (i.e. accurate, complete, consistent, reliable, secure).
Sound Practice 8 (Explainability and transparency): Financial institutions understand differences in the explainability of various types of AI. If appropriate and feasible, financial institutions adopt more explainable AI, or consider compensating controls. Financial institutions also provide appropriate transparency tailored to different stakeholders.
Sound Practice 9 (Performance management): Financial institutions evaluate the performance of AI use cases proportionately to their materiality and risk, including through performance assessments, testing, and ongoing monitoring.
Sound Practice 10 (Human oversight): Financial institutions implement appropriate and effective human oversight relevant to the materiality, risk, autonomy, complexity, and explainability of different AI use cases.
Sound Practice 11 (Cyber and ICT risk management): Financial institutions manage AI-related cyber and ICT risks, including, where appropriate, by incorporating AI cyber and ICT risk scenarios into tests and exercises, sharing relevant information, and using AI tools in cyber and ICT risk management.
Sound Practice 12 (Third-party AI risk management): Financial institutions appropriately manage risks from third-party AI dependencies with a focus on performance, transparency, data quality, supply chain and concentration risks, and business continuity.

Compliments of FSB
The post FSB | Sound Practices for Responsible Adoption of Artificial Intelligence (AI): Final report first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Real Estate
The pied-à-terre tax: what owners should know now
New York’s first pied-à-terre tax took effect July 1, 2026. It is an annual surcharge on New York City homes worth more than $5 million that are not the owner’s primary residence. Exemptions cover homes used as the primary residence of an owner, or of an owner’s parent or child, and units rented to a full-time city resident.
The rollout has been contested. In September, a Staten Island court ordered the city to redo its process for identifying who owes the tax. The city appealed and is moving ahead in the meantime, and separate lawsuits challenge whether the tax is constitutional. The surcharge is expected to appear on January property tax bills.
If you own a high-value home in the city, or are thinking of buying one:
Check your status.
• If you received a notice and believe the property is your primary residence, you can still challenge the city’s determination with the Tax Commission by March 1 (Class Two) or March 15 (Class One).
• Keep residence records. Tax returns, voter registration and similar records are what establish a primary residence.
• Factor it into purchases. Buyers of second homes, and co-op boards reviewing them, should account for the surcharge.
Corporate
Raising capital? Clean up before the term sheet.
Most problems investors find in diligence are cheap to fix early and expensive to fix late. Four things to check now:
83(b) elections.
• If founders received restricted stock, the election must reach the IRS within 30 days of the grant. There is no extension.
• IP assignments. Every founder, employee and contractor who built the product should have signed an assignment to the company.
• Cap table. SAFEs, notes, option grants and any informal equity promises belong in one reconciled record.
• Form D. After a Regulation D raise, the federal notice is due within 15 days of the first sale. New York and other states may require their own filings.
Blockchain & Crypto
From guidance to rulemaking
In March, the SEC and CFTC signed a memorandum of understanding on coordinated oversight, and the SEC issued Release No. 33-11412 sorting crypto assets into five categories. Congress was expected to make that framework permanent, but on September 15 the Senate declined, 49–50, to take up the CLARITY Act. The agencies are now moving ahead through formal rulemaking on securities offerings, market structure and stablecoins. That brings more specific rules, but also more room for court challenges now that judges no longer defer to agency interpretations.
Author:
• Michele Cea, Esq., Founding Member & Managing Attorney, CEA LEGAL P.C.
• Email: info@cealegal.com, Phone: (212) 618 1644
 
Compliments of CEA Legal P.C. – a member of the EACCNY.
 The post CEA Legal | Real Estate – Corporate – Blockchain & Crypto first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

A new working paper published by the European Central Bank (ECB) reveals that lenders are fundamentally reordering how they evaluate corporate default risks following the generative AI boom. Analyzing lender-specific data, the study shows that banks have lowered assessed default risk by roughly 5% for private firms in highly AI-exposed industries.
However, this favorable view comes with a significant shift in corporate finance dynamics: banks are increasingly shifting credit allocation away from traditional, pre-existing market leaders in favor of more agile competitors. This reordering of credit availability points to a forward-looking measure of how generative AI is reshaping competitive risk, directly impacting transatlantic corporate banking and enterprise market strategies.

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The Financial Stability Board (FSB) has delivered a note to G20 Finance Ministers and Central Bank Governors outlining critical cross-border vulnerabilities within global stablecoin arrangements. In his accompanying letter, FSB Chair emphasized that financial markets remain highly susceptible to disorderly corrections and noted that the rapid evolution of frontier AI models introduces fresh complexities to systemic oversight.
Concurrently, a separate peer review report on public sector backstop mechanisms reveals that further international coordination is required to ensure that resolving the failure of large, systemic banks remains a credible option. For transatlantic businesses navigating digital asset frameworks, the updates underscore a tightening regulatory focus on data monitoring, cross-border payment risks, and financial infrastructure stability.

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The European Investment Bank (EIB) Group today presented its plan to deliver at least €30 billion for climate adaptation by 2030, doubling its financing compared with the previous five years. The financing will help Europe adapt to heatwaves, droughts, wildfires and floods, supporting areas ranging from energy networks and public buildings to water systems and climate-resilient agriculture.

EIB Group will step up investment in resilient infrastructure, water and agriculture, while supporting European adaptation technologies.
New tools and advisory support will help identify climate risks early and prevent damages, protecting people and economies.
EIB Group Boards also approve €11.8 billion in financing, including €5.5 billion to strengthen Europe’s energy autonomy and reduce power costs.

The Adaptation Plan Phase 2 for 2026–2030 combines financing, guarantees and advisory support to accelerate investment in climate-resilient infrastructure, cities and agriculture across the European Union and beyond. The plan was endorsed this week by the Boards of Directors of the EIB and the European Investment Fund (EIF) in Luxembourg.
“Climate adaptation is a no-brainer,” said EIB Group President Nadia Calviño. “Every euro invested in prevention and adaptation to climate change saves 10 euros in damages and repairs.”
The plan will accelerate adaptation finance by making adaptation investments easier to identify and finance, particularly for smaller businesses. Through TechEU, the EIB Group will help European companies bring technologies including cooling systems, resilient energy solutions and water-saving technologies to market.
Adaptation Plan Phase 2
The plan supports the European Commission’s resilience agenda by turning climate-risk data into financeable projects and building a stronger pipeline of adaptation investment. It forms part of the EIB Group’s Climate Bank Roadmap Phase 2 for 2026-2030.
The plan will help safeguard water supplies, food production and healthy ecosystems by financing water-efficient irrigation, storage and reuse, climate-resilient farming practices, nature-based solutions such as restoring wetlands, forests and floodplains and infrastructure designed to withstand droughts and floods.
The EIB will help businesses, public authorities and financial institutions identify climate risks and suitable adaptation measures through ClimateSET, an open-access digital tool developed with the Copernicus Climate Change Service. Due to launch later this year, ClimateSET will also be integrated into an enhanced Green Checker, helping businesses and financial intermediaries identify investments responding to climate risks in their area.
Globally, the plan will step up support and technical assistance for climate-vulnerable nations, particularly small island developing states and least-developed countries. The EIB Group will work with the European Commission to help develop investable projects in water management, coastal protection, early-warning systems, resilient transport and disaster-risk management.
New projects
In addition to adopting the Adaptation Plan Phase 2, the EIB and EIF Boards of Directors approved €11.8 billion in new financing for a range of projects, including €5.5 billion to strengthen Europe’s energy autonomy.
The financing covers support for energy infrastructure in France, Germany, Hungary and Italy, renewable energy in Austria, the Netherlands and Romania; and energy efficiency in Spain and Sweden. The EIB Board also backed investment in Europe’s life-sciences sector, supporting innovation, scale-up and the resilience of supply chains.
The EIF approved new financing to strengthen business competitiveness in areas such as innovation, digitalisation and clean energy, as well as eight investments under TechEU, including support for cleantech.
 
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