This Week in Finance — Brussels (#11, 2026)
ECB collateral framework overhaul; EU appoints new ECB Vice-President; New EBA Single Access Point disclosure rules; CMDI/Deposit Guarantee reform adopted; ESAP and CRD6 transposition delays.
March 22, 2026 to March 28, 2026
ECB collateral framework overhaul; EU appoints new ECB Vice-President; New EBA Single Access Point disclosure rules; CMDI/Deposit Guarantee reform adopted; ESAP and CRD6 transposition delays.
📋 In This Week's Newsletter
• 📅 This Week's Calendar in Brussels
• 🇪🇺 European Commission
• ⚖️ EU Legislation
• 🏛️ European Parliament
• 🤝 EU Council
• ✒️ EP Committee Work
• 📚 What We're Reading This Week
This Week's Calendar in Brussels
- Committee on Legal Affairs (JURI): On April 02, the European Parliament's Committee on Legal Affairs (JURI) is scheduled to meet. Agenda includes: * * ; 13.45 - Checking of the quorum and opening of the remote voting procedure (held in parallel with Committee proceedings)Voting will be open from 13.45 to 14.45. Remote voting procedure ; 16.45 - announcement of voting results16.50 - Checking of the quorum and opening of the remote voting procedure (held in parallel with Committee proceedings)Voting will be open from 16.50 to 18.00. Remote voting procedure *.
European Commission
Commission initiates infringement procedures over ESAP and CRD6 transposition delays
On 26 March, the European Commission launched infringement procedures against multiple Member States for failing to transpose the European Single Access Point (ESAP) Omnibus Directive (Directive (EU) 2023/2864) and the amending Sixth Capital Requirements Directive (Directive (EU) 2024/1619, CRD6). Letters of formal notice were sent to 18 Member States regarding the ESAP Omnibus Directive, which mandates disclosures to be sent to ESAP in a specific format, with a transposition deadline of 10 January 2026. The ESAP legislative package is central to improving investor access to corporate disclosures across the EU. Separately, 22 Member States received letters for not fully transposing CRD6, which harmonises banking supervision, third-country branch rules, and ESG risk integration, also with a 10 January 2026 deadline. Member States have two months to respond before the Commission may escalate to reasoned opinions.
Commission positively assesses Greece and Latvia's NextGenerationEU payment requests
On 25 March, the Commission issued positive preliminary assessments for Greece's seventh payment request (€1.18 billion) and Latvia's fourth payment request (€371 million) under the Recovery and Resilience Facility (RRF), the core of NextGenerationEU. Greece's payment follows the completion of 20 milestones and 6 targets, including reforms in CO₂ storage, digital public services, and affordable mortgages. Latvia complied with 24 milestones and 17 targets, advancing anti-money laundering measures, health sector remuneration, and renewable energy rules. Payment disbursement awaits a positive opinion from the Council's Economic and Financial Committee and subsequent Commission decision.
Commission responds to cyber-attack on Europa web platform
Following the detection of a cyber-attack on 24 March that affected its cloud infrastructure hosting the Europa.eu platform, the Commission enacted measures to contain the incident and protect data. The investigation indicates data was taken, but internal Commission systems were unaffected. The Commission is notifying affected Union entities and continues to assess the impact. The incident occurs in the context of recent regulatory measures, including the NIS2 Directive and the Cyber Solidarity Act, to strengthen EU cybersecurity across financial and public sectors.
Commission scenario analysis: Middle East crisis threatens EU growth and inflation outlook
On 26 March, Commissioner Valdis Dombrovskis addressed the Eurogroup, outlining the potential economic impacts of the Middle East crisis on the EU. The Commission’s scenario analysis suggests EU growth in 2026 could be up to 0.4 percentage points lower and inflation up to 1 percentage point higher than previous forecasts due to energy price shocks, with greater effects possible if disruptions persist. The Commission is preparing a policy toolbox including tax adjustments and Emissions Trading System reforms. The new EU fiscal framework is designed to absorb such shocks without necessitating offsetting revenue increases.
EU Legislation (Official Journal)
ECB reforms collateral and risk management frameworks for credit operations
A series of ECB Guidelines—Guideline (EU) 2026/689, 2026/690, 2026/691, and 2026/692, all dated 22 January 2026 and published on 23 March—introduce major changes to the Eurosystem monetary policy framework. Key amendments harmonise the collateral framework, integrate certain foreign currency assets, discontinue eligibility of retail mortgage-backed debt instruments and non-marketable debt instruments backed by eligible credit claims, and introduce a climate factor for risk control, effective from 15 June 2026. The revised framework also clarifies valuation haircuts, eligibility criteria, and risk mitigation procedures.
eur-lex.europa.eu | eur-lex.europa.eu | eur-lex.europa.eu | eur-lex.europa.eu
Commission Implementing Regulation (EU) 2026/722 mandates EBA single access point for disclosures
Published on 27 March, Commission Implementing Regulation (EU) 2026/722 amends the technical standards in Implementing Regulation (EU) 2024/3172 to require institutions, except small and non-complex firms, to use the EBA single access point for public disclosures under Regulation (EU) No 575/2013. The new rules standardise disclosure formats, enable technical validation by the EBA, and extend transitional provisions for institutions adapting to the new framework. The measure ensures comparability and transparency for market participants.
European Council appoints Boris Vujčić as Vice-President of the European Central Bank
By Decision (EU) 2026/755, adopted on 20 March and published 27 March, the European Council appointed Boris Vujčić as Vice-President of the ECB for an eight-year term starting 1 June 2026. Vujčić succeeds Luis de Guindos Jurado, whose term ends on 31 May 2026. The appointment followed Council Recommendation C/2026/707, the European Parliament's opinion of 10 March 2026, and the ECB Governing Council's opinion of 25 February 2026.
Council Decision (EU) 2026/735 amends EEA Agreement Annex IX on ESAs Review
Council Decision (EU) 2026/735 of 17 March 2026, published 25 March, sets the EU position for amending Annex IX (Financial services) to the EEA Agreement, incorporating Regulations (EU) 2019/2175, 2019/2176, and Directive (EU) 2019/2177. The amendments update the EEA framework for financial supervision, macro-prudential oversight, and anti-money laundering.
Commission Recommendation (EU) 2026/720 on definitions for innovative enterprises, startups, and scaleups
On 24 March, the Commission published Recommendation (EU) 2026/720, setting out standardised definitions for innovative enterprises, startups, and scaleups, including deep tech sectors. The measure aims to harmonise eligibility criteria for innovation policy and funding across Member States, the EIB, and the EIF.
European Parliament
Parliament adopts reforms on deposit protection and crisis management (DGSD2, BRRD, SRMR)
On 25–26 March, Parliament debated and adopted the second reading report (A9-0154/2024, rapporteur Kira Marie Peter-Hansen) on the proposal to amend Directive 2014/49/EU (DGSD2) regarding deposit protection, use of deposit guarantee scheme funds, and cross-border cooperation. The package, which also includes the Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism Regulation (SRMR), broadens depositor coverage, introduces special protection for real estate-linked deposits, and harmonises resolution tools for small and medium-sized banks. The legislation enters into force 20 days after publication, with most provisions applying from 24 months after entry into force.
www.europarl.europa.eu | www.europarl.europa.eu
EU Council
Eurogroup and ECOFIN discuss Middle East crisis economic impact and savings-investment union
On 27 March, the Eurogroup assessed the economic risks posed by the Middle East crisis, with input from the International Energy Agency. Ministers considered targeted, temporary measures for energy cost shocks and reviewed ongoing work on the savings and investments union, with updates from finance ministers of Germany, France, Italy, the Netherlands, Poland, and Spain. The ECOFIN Council held an informal meeting to prepare for the upcoming IMF and World Bank Spring Meetings.
www.consilium.europa.eu | www.consilium.europa.eu
EP Committee Work
ECON Committee holds exchange on digital euro project with ECB Executive Board member
On 24 March, the Committee on Economic and Monetary Affairs (ECON) conducted an exchange of views on the digital euro project with Piero Cipollone, Member of the ECB Executive Board. The meeting also included consideration of draft opinions and reports on the Single Market and Customs Programme (rapporteur Gilles Boyer) and amendments to VAT information access for EPPO and OLAF (rapporteur Michalis Hadjipantela).
What We're Reading This Week
- Action 14: Consolidated tape: EU policymakers advance plans for a unified securities data feed, aiming to boost market transparency and investor access.
- UK to ban crypto cash in politics in blow for Farage: UK plans to prohibit political donations in cryptocurrency, a move likely to impact Nigel Farage and his Reform UK party.
- Bond yields surge as Iran war stirs inflation fears almost a month into the conflict: Rising Middle East tensions drive bond yields higher as investors anticipate prolonged inflationary pressures amid ongoing conflict.
- EU’s €1.8 trillion budget talks hinge on Hungarian election: EU leaders await Hungary’s election outcome before finalizing decisions on the €1.8 trillion budget negotiations.
- Iran war threatens a global recession, Finland’s Stubb warns: Finnish President Stubb cautions that escalating conflict in Iran could trigger worldwide economic downturn.
