Germany and Italy have jointly proposed an EU‑wide “kill switch” that would let regulators abruptly ban foreign global stablecoins operating in the bloc if they threaten financial stability or breach rules, Euronews reported. The plan would allow the European Union to bar stablecoins issued outside the bloc unless their home-country regulations are deemed equivalent to EU standards. The two countr...
Germany and Italy have jointly proposed an EU‑wide “kill switch” that would let regulators abruptly ban foreign global stablecoins operating in the bloc if they threaten financial stability or breach rules, Euronews reported. The plan would allow the European Union to bar stablecoins issued outside the bloc unless their home-country regulations are deemed equivalent to EU standards. The two countries set out their position in a joint discussion paper circulated on 27 March, ahead of a working party meeting on the bloc's Market Integration and Supervision Package (MISP), the report added . The proposal introduces a mechanism ensuring that reserves backing stablecoins can be instantly mobilized across borders in times of stress. If cross-border liquidity cannot be guaranteed, regulators could halt or restrict the stablecoin’s use in the EU, effectively acting as a "kill switch." The EU policymakers are increasingly concerned that dollar-backed stablecoins dominate the market, potentially undermining Europe’s financial autonomy. The timing collides with the European Systemic Risk Board (ESRB) warning that multi-issuer stablecoin structures pose systemic risks. "Timing is key and we should act soon to address the financial stability and consumer protection risks posed by the multi-issuance scheme in the ongoing MISP negotiations," the document read. Germany and Italy are pushing to embed these safeguards into the ongoing MISP negotiations, arguing that authorities must act by the end of 2026–2027 to line up with the ESRB’s timelines. Stocks to watch: Circle Internet ( CRCL ), Coinbase ( COIN ), Robinhood Markets ( HOOD ), Block ( XYZ ), PayPal ( PYPL ). More on Euro Area Euro Comes Out Swinging: Can The 'Trump Reversal' Sustain EUR/USD's Upside Bias? EUR/USD Found Support Above 1.1495, Potential Push Up Towards 'Expanding Wedge' Range Resistance GBP/USD Chart Alert: Bull Flag Pattern In Play Ahead Of Retail Sales Data European markets rise as Iran de-escalation hopes li...
Wang Yi and Abdullatif Al Zayani (right). Photo: VCG Wang Yi, China’s foreign minister and a member of the Communist Party’s Politburo, on Thursday urged international intervention to stabilize the Middle East and safeguard the Strait of Hormuz during an April 2 call with Bahrain Foreign Minister Abdullatif Al Zayani. Al Zayani, who currently serves as the rotating chairman of the Gulf Cooperation...
Wang Yi and Abdullatif Al Zayani (right). Photo: VCG Wang Yi, China’s foreign minister and a member of the Communist Party’s Politburo, on Thursday urged international intervention to stabilize the Middle East and safeguard the Strait of Hormuz during an April 2 call with Bahrain Foreign Minister Abdullatif Al Zayani. Al Zayani, who currently serves as the rotating chairman of the Gulf Cooperation Council, initiated the phone call to brief Wang on the region’s volatile security environment and Bahrain’s strategic posture.
Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs, speaks to the South China Morning Post about the long-term future of China’s economy after the “two sessions” in Beijing and ahead of an expected Xi-Trump summit – all during an oil crisis sparked by the US-Israel war against Iran. SCMP Plus readers get early access to articles in the Open Questions series. What impact will the oil shoc...
Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs, speaks to the South China Morning Post about the long-term future of China’s economy after the “two sessions” in Beijing and ahead of an expected Xi-Trump summit – all during an oil crisis sparked by the US-Israel war against Iran. SCMP Plus readers get early access to articles in the Open Questions series. What impact will the oil shock arising from the Iran war have on the growth of Asian economies this year? Asia is greatly...
France Approves Record Number Of Asylum Applications In 2025, Up 12% YoY Via Remix News, The latest data released by the National Court of Asylum reveals a historic statistical milestone: asylum grants in France have reached an unprecedented peak. In 2025, a record 78,782 individuals were granted asylum, marking a 12 percent increase over the previous year. The recognition rate has also climbed to...
France Approves Record Number Of Asylum Applications In 2025, Up 12% YoY Via Remix News, The latest data released by the National Court of Asylum reveals a historic statistical milestone: asylum grants in France have reached an unprecedented peak. In 2025, a record 78,782 individuals were granted asylum, marking a 12 percent increase over the previous year. The recognition rate has also climbed to an all-time high of 52.1 percent – or 47.1 percent when excluding unaccompanied minors. The initial stage of the asylum process is managed by the French Office for the Protection of Refugees and Stateless Persons (OFPRA). If a claim is denied, applicants may appeal to the National Court of Asylum. While various forms of protection exist, the ultimate goal for many is the status of “refugee,” as it opens rights similar to those of the French in most areas, including social welfare, education, and housing. The asylum system remains highly accessible, despite President Emmanuel Macron saying year after year that France needs to reduce immigration, just as he did in 2023 . “Are we flooded with immigration? No. You cannot say that. But the current situation is not sustainable, and we need to reduce immigration significantly, starting with illegal immigration. We have a duty to deliver,” the French president said at the time. Polling shows the vast majority of French want a reduction in immigration, and even a majority of women want zero immigration , both legal and illegal. France already has the largest Muslim population in Europe, leading to serious cultural, societal, and even security problems . Unlike policies debated or implemented in nations like Italy or Denmark, which seek to reduce the ability for individuals to apply for asylum, France has very generous laws, including allowing those already present on French soil to apply for asylum directly. This creates a significant challenge for the state, as even when applications are denied, authorities have an extremely diffi...
In this article .STOXX50 SHELL-NL RYAAY Follow your favorite stocks CREATE FREE ACCOUNT City workers in the La Defense business district of Paris, France, on Thursday, Oct. 9, 2025. Nathan Laine | Bloomberg | Getty Images Europe-listed shares opened sharply lower on Thursday, as fears of escalation in the U.S.-Iran war gripped global markets once again. Shortly after the opening bell, the pan-Euro...
In this article .STOXX50 SHELL-NL RYAAY Follow your favorite stocks CREATE FREE ACCOUNT City workers in the La Defense business district of Paris, France, on Thursday, Oct. 9, 2025. Nathan Laine | Bloomberg | Getty Images Europe-listed shares opened sharply lower on Thursday, as fears of escalation in the U.S.-Iran war gripped global markets once again. Shortly after the opening bell, the pan-European Stoxx 600 was 1.2% lower, with most sectors and major regional bourses firmly in negative territory. Mining and tech stocks led losses, with their respective indexes losing 2.8% and 3%. In an address to the American people on Wednesday evening, U.S. President Donald Trump said he expected the war to last another two to three weeks, during which time U.S. forces will "hit" Iran "extremely hard." U.S. stock futures tumbled as Trump's speech drew to a close, reversing a rally seen in Wall Street's regular session on Wednesday. On Thursday morning, futures data pointed to a notably lower open for New York-listed stocks ahead of the opening bell. Stocks listed in Asia also reversed gains on Thursday as investors digested Trump's latest update. Oil prices surged in the wake of the president's address, with global benchmark Brent crude jumping more than 6% to trade at $107.98. Oil prices have skyrocketed since the U.S. and Israel launched strikes on Iran on Feb. 28, sparking retaliatory strikes across the Gulf from Tehran. Over the course of March, global benchmark Brent crude oil surged more than 60%, marking the biggest monthly price gain since records began in the 1980s. European stocks jumped on Wednesday ahead of Trump's address, after the president first said the war would be over within weeks. Investors are also reacting to reports on Thursday that the Trump administration is preparing new tariffs on pharmaceutical companies that have not made deals to guarantee low drug prices in the United States. Bloomberg first reported the news, citing anonymous sources. In corpor...
CAS Space, a leading Chinese commercial rocket maker, has filed for a listing on Shanghai’s tech-focused Star Market, joining a growing queue of private space companies seeking capital as Beijing steps up support for the sector. Founded in 2018 and incubated by the Institute of Mechanics under the Chinese Academy of Sciences, the start-up plans to raise 4.18 billion yuan (US$600 million) to fund r...
CAS Space, a leading Chinese commercial rocket maker, has filed for a listing on Shanghai’s tech-focused Star Market, joining a growing queue of private space companies seeking capital as Beijing steps up support for the sector. Founded in 2018 and incubated by the Institute of Mechanics under the Chinese Academy of Sciences, the start-up plans to raise 4.18 billion yuan (US$600 million) to fund research and development of reusable heavy-lift rockets, spacecraft and liquid-fuel engines,...