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Reading between the lines of the EU's payments reform package
Financial Services
On June 28th, the European Commission published its long-awaited proposals on reforming the EU’s payments and open finance rules while also setting out further details on plans for a single currency package on the digital euro and the legal tender status for cash. These proposals and the timing of them are significant, particularly that proposals on seemingly different…
US regional banking crisis and the need for deposit insurance
Financial Services
Financial markets and the banking system breathed a sigh of relief on May 1st following news that First Republic, the troubled San Francisco-based lender that had hovered on the edge of failure for days, would be acquired by JPMorgan Chase, the nation’s largest bank, with funding and loss-sharing support provided by the Federal Deposit Insurance Corp. (FDIC). The S&P…