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Crypto

ECB warns stablecoin spread could undermine European bank deposit base

The European Central Bank has warned that the spread of stablecoins could eat into European banks’ retail deposits and has put forward a digital euro as a response. Executive Board member Piero Cipollone said banks that have already lost fees and transaction data to mobile payments could see their deposit base shaken. The ECB said falling deposits could weaken lending capacity and is moving ahead with a digital euro pilot planned for 2027.

AI & Enterprise

EU mulls tougher cloud procurement rules, raising possibility of excluding U.S. providers

The European Union is pushing to introduce stricter cloud service standards that could allow it to exclude Amazon, Microsoft and Google from key public tenders, Reuters reported. The move is set to be included in an upcoming Cloud and AI Development Act package. The European Commission plans to mandate digital sovereignty requirements for procurement in sensitive sectors and add use of EU-made software and hardware as a required evaluation item alongside price.

Finance

KOFIA discusses European expansion with Luxembourg ambassador

Korea Financial Investment Association held talks with Luxembourg on ways to support Korean financial investment firms expanding into Europe and identifying new global businesses. KOFIA said its chairman Hwang Seong-yeop met Luxembourg Ambassador to South Korea Jacques Flies on May 13. The meeting discussed Luxembourg’s role as an asset management hub, its digital asset infrastructure and its space industry ecosystem, and cooperation opportunities with Korea’s financial investment industry.