Pontes is the first initiative under the Eurosystem’s strategic programme to make central bank money fit for a tokenised future and to support the development of this rapidly evolving financial ecosystem.

“The Eurosystem is working to enable a more integrated, innovative and resilient European financial market in the digital age,” said Christine Lagarde, president of the ECB.

“We will continue to make progress in close collaboration with the market,” she added further.

Tokenisation has emerged as one of the financial industry’s favourite processes, issuing or representing assets in the form of digital “tokens”, typically recorded on distributed ledger technology (DLT) networks.

“For wholesale financial markets, this technology has the potential to make transactions faster and more efficient by bundling multiple steps of an asset’s lifecycle – from issuance and trading to settlement, custody and servicing – and by enabling automation and the development of innovative solutions through smart contracts,” the European Central Bank (ECB) said.

“Pontes builds on the outcome of the Eurosystem’s 2024 tests using DLT for central bank money settlement, during which stakeholders from the public and private sectors indicated that access to a risk-free settlement asset was crucial for the wider adoption of this new technology. Pontes will initially offer a core set of services, to be expanded over time in line with market needs and technological developments. Enhanced features and longer operating hours will be introduced gradually, with full implementation expected by 2028,” the central bank stated further.

“Pontes brings the stability and trust of central bank money to the European tokenised finance ecosystem,” said Piero Cipollone, a member of the ECB’s Executive Board.

“It will give an important advantage to help it scale,” the official noted.

The market is already showing significant interest in Pontes.

An initial group of market participants and DLT operators has completed onboarding and is ready to start using Pontes immediately. Additional participants have reportedly committed to connecting to Pontes in the coming days.

“This engagement demonstrates confidence in the potential of this innovation to put Europe at the forefront of the transformation of financial services. The Eurosystem will support this transformation and continue to enhance Pontes in line with evolving market needs,” the ECB said.

The development of an integrated ecosystem for DLT-based financial services has continued under Appia, involving experimentation and analytical work by the Eurosystem, Danmarks Nationalbank and stakeholders from the public and private sectors, with the goal of delivering a blueprint by 2028.

On Monday, the ECB also announced the launch of its preparatory work, under which the central bank will invest a small portion of its funds in tokenised securities.

This will enable the ECB to gain practical experience as an investor and build institutional expertise in the use of distributed ledger technology (DLT) in financial markets.

The ECB will be using its “Own Funds Portfolio,” a non-monetary policy entity that provides the central bank with income to help fund operating expenses, excluding those related to the delivery of its supervisory tasks.

“This step will also support the Eurosystem’s strategy to make central bank money fit for the digital age. Key elements of this strategy are Pontes, the Eurosystem’s solution for settling tokenised assets in central bank money, which was launched today, and the Appia initiative, which will deliver a blueprint for a tokenised financial ecosystem in Europe,” ECB stated further.

Tokenised financial markets continue to evolve, alongside the development of new DLT-based market infrastructures. By investing directly, the ECB will gain first-hand experience across the full investment lifecycle, including trade execution, settlement, systems and portfolio management activities. Pontes will settle the purchases in central bank money.

Initial investments will focus on euro-denominated securities issued by euro area central governments, regional governments, agencies and European supranational institutions. Once the preparatory work is completed, the ECB’s Executive Board will determine the operational details and timing of the investments, taking into account developments in tokenised issuances and the broader tokenised financial ecosystem in Europe.

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The figure, which spans dividends and share buybacks across the continent’s largest lenders and insurers, would mark the highest annual payout on record for the sector, extending a run of ever-larger distributions that began once regulators lifted pandemic-era restrictions on capital returns.

It builds on a string of already-record years, with combined payouts having climbed steadily from roughly 50 billion euros for banks alone in 2024 to a far broader and larger pool this year as insurers and diversified financial groups joined the wave.

The scale of the payouts reflects a profound shift in the fortunes of European lenders, which spent more than a decade trading at depressed valuations after the global financial crisis. Higher interest rates through 2023 and 2024 boosted net interest margins, while a subsequent pivot toward fee income from wealth and asset management has made many banks less dependent on rate cycles than before.

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In a blog published on Monday (August 17), ECB researchers said historical experience from technological revolutions pointed towards a boom-bust pattern in asset prices. They compared the current AI enthusiasm with the railway boom of the 19th century, the expansion of electricity and radio in the 1920s and the dot-com boom of the 1990s.

The warning comes as investors continue to pour money into companies expected to benefit from AI. US equity valuations, measured by the cyclically adjusted price-to-earnings ratio, are close to historical peaks, while the so-called Magnificent Seven — Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla — have become increasingly important to global indices.

The ECB’s argument, however, is more nuanced than simply calling the AI boom a bubble. It said a correction could occur even if current valuations are rational and AI proves highly successful.

Early in a technological revolution, uncertainty is concentrated among individual companies and can be diversified across the wider economy. As AI adoption becomes widespread, that uncertainty becomes economy-wide. Investors may then demand a higher risk premium, putting downward pressure on valuations even while AI continues to increase corporate cash flows.

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While the latest development puts UniCredit a step closer to gaining decisive control of Commerzbank, which it has been trying to buy ‌since 2024, Orcel, the chief architect of the cross-border deal, now faces the choice of whether he wants to lift the stake above 50%, which would allow his bank to propose board changes at Commerzbank, or attempt to first build consensus, as the banking industry veteran had pledged to do.

UniCredit, which has been present in Germany since 2005 through its Bavarian unit HVB, could still struggle to advance its takeover project, as the latter is facing a united opposition from the Friedrich Merz government, unions, and Commerzbank itself.

Commerzbank, in its latest reaction, has said that less than 2% of institutional and retail ⁠investors had tendered their shares as part of UniCredit’s offer, reiterating its same stance again.

“The low acceptance ‌rate ⁠among independent shareholders is clear evidence of ⁠the low attractiveness of the ⁠offer,” Commerzbank said.

Germany’s Finance Ministry, on the other hand, renewed its criticism of UniCredit, calling the Italian lender’s “aggressive and hostile approach” unacceptable.

The Merz government still holds 12% of Commerzbank following a 2009 bailout. While expressing its displeasure over UniCredit’s share tendering practices, Commerzbank has remained open to constructive dialogue with ⁠its Italian counterpart.

Orcel and his Commerzbank counterpart Bettina Orlopp have held several rounds of short-lived informal talks, but attempts to hold substantive negotiations over the takeover bid have so far failed to produce fruitful results due to disagreements.

UniCredit, facing unsurmountable pressure in Germany, now expects the European Central Bank (ECB) to declare it to be in control of Commerzbank under German rules.

It would, however, need majority ownership in order to name all shareholder representatives, while overhauling Commerzbank’s supervisory board, as Orcel has suggested it may seek to do.

As per Hans-Peter Burghof, chair of banking and financial services at the University of Hohenheim, workers’ representatives hold half the seats on the board, and they “dislike” UniCredit’s approach.

Orlopp, Stepping into the situation, reportedly put forward a video message ⁠to employees on the bank’s intranet, where she urged for calm.

“With the results of the takeover offer, we are now facing a situation that is new for all of us. But we will not let it unsettle us,” Orlopp said according to a transcript of the message seen by media outlet Reuters.

What could potentially make Commerzbank’s acquisition a difficult affair for UniCredit is the bailout contract that, as per Burghof, also reserves two seats for the government on the German lender’s board.

Angering Commerzbank further, Orcel has laid out to investors his plans to boost the German lender’s profits, which, once in control, ‌he would ⁠reportedly implement over a couple of years while keeping Commerzbank separate from HVB.

Having built a 26.7% stake in the rival lender since September 2024, UniCredit stepped up its efforts in May 2026 by launching a tender offer, in which, instead of seeking control, the Italian lender wanted to nudge its stake above 30%, which would free it to buy more shares on the market without triggering a mandatory buyout.

UniCredit told the Commerzbank, “Take-up of the offer totalled 17.6%. That is up from 12.5% before a two-week extension of the tender period dictated by German takeover laws.”

Since then, the two entities have been involved in an ugly spat over the ⁠take-up data. As per Commerzbank, shares had been tendered mostly by investment banks that were counterparties in swap contracts UniCredit had entered on Commerzbank shares.

Excluding treasury shares, which carry no voting rights, UniCredit has a 49.7% voting stake in Commerzbank, well above the threshold of around 40%, which generally entails a position of control under Germany’s corporate rules. However, going by the same rules, being declared in control without majority ownership ⁠would force UniCredit to consolidate a minority stake.

UniCredit also has the choice of opting to amend swap contracts it owns, which currently can only be settled in cash and not shares, handing it a further 11.5% of Commerzbank.

As per Commerzbank management, a combination of the banks could result in 11,000 job cuts, while the works council has ⁠projected 23,000 cuts. The German lender, which has around 38,000 full-time positions, has undertaken several rounds of major cuts over the past ⁠decade, including 3,000 jobs earlier in 2026 and a 2021 deal with the unions, in which 10,000 jobs got axed.

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The letter, signed by CEO Bettina Orlopp and being mailed to shareholders, said UniCredit’s offer isn’t high enough and that the Italian bank had ⁠not presented a “sound plan” that builds on the German bank’s ⁠strengths.

While maintaining that ⁠it published the figures to increase transparency, Commerzbank also said that institutional investors have tendered just somewhat more than 1% of shares in UniCredit’s takeover offer.

The two banks have been in a bitter battle for control for ‌months, ⁠and UniCredit’s all-stock acquisition offer is currently ongoing.

“The shareholder structure ⁠remains largely unchanged. Of the 12.51% of tendered shares, ⁠institutional investors have tendered 1.29% of shares, retail ⁠investors 0.05%, and banks 11.17%,” Commerzbank said, while pressing up the attack on UniCredit.

UniCredit’s CEO Andrea Orcel, on the other hand, said that he and the Italian lender’s top leadership are expecting the European Central Bank (ECB) to declare the financial venture in control of Commerzbank, given how much it owned after its takeover offer.

“At the moment, it is a lot more probable that we end up with what the ECB would call control than not,” Orcel told the recently concluded annual Mediobanca CEO conference in Milan.

“Due to minority holding rules, merging its accounts with those of Commerzbank without majority ownership would cost ⁠UniCredit 40% more in terms of core capital. We never launched this offer to go to control. Now we are in a situation where we might,” Orcel added further.

As per UniCredit, it launched a voluntary exchange offer for Commerzbank shares on May 5; it simply wanted to nudge its 27% stake above the 30% mandatory takeover threshold, apart from being able to freely buy more on the market in 2027. The offer, which carried a very modest premium, concluded on June 16 with a 12.5% take-up, handing UniCredit 42.5% control of Germany’s Commerzbank.

“At this level, UniCredit will be able to determine the outcome of shareholder resolutions, prompting the ECB, which is reviewing the matter, to declare it in control of Commerzbank,” Orcel noted.

The CEO is also keen to preserve UniCredit’s capital reserves to keep up its payout policy and for consolidation in Italy.

The offer has been vehemently opposed by the Commerzbank and German government due to accusations and concerns over acceptance data and UniCredit’s use of derivatives. As per Commerzbank, the shares have been tendered by banks, not institutional investors, and in most cases, banks that were UniCredit’s swap counterparties.

Orcel, countering the allegations, said excluding passive investors (as they cannot sell their stakes), all institutional Commerzbank investors except five have either tendered or sold their shares.

“We confirm that institutional and retail investors have only contributed around 1% of the tendered shares, reflecting that the offer does not represent the value of Commerzbank as seen, amongst others, by independent market research,” he added.

Commerzbank hit back by reiterating its view that ⁠the take-up was not proof that the market liked the bid.

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“We welcome that the European Parliament’s ECON Committee has agreed on its position on the single currency package, which will safeguard euro cash as legal tender while also shaping the digital euro,” the ECB said in a statement.

The digital euro, as an electronic wallet guaranteed by the central bank but marketed by banks or fintech companies, will allow eurozone residents to make payments online and in person. While the project has been ongoing for the last six years, it only got the push in 2025 as Republican Donald Trump entered the White House for his second stint as the United States president.

His tariff-heavy trade policies, which hit the allies and adversaries alike, raised fear in the European political circle about Uncle Sam potentially weaponising its dominance over payment networks like Visa and Mastercard.

And the fear is not unfounded, given the fact that as per the European Central Bank (ECB) data, Visa and Mastercard account for 61% of card payments in the euro area and almost all cross-border card transactions.

The approval of draft rules by the European Parliament’s Economic and Monetary Affairs Committee officially ended the three years of stalemate between the ECB and banks, which have been concerned about deposit outflows and lost revenues and sought to limit the digital euro’s scope.

“The introduction of the ⁠digital euro would… reduce overreliance on non-European providers by becoming a pan-European means of payment and would bring the single currency into the digital era by giving Union citizens the freedom to opt to pay with central bank money in their daily transactions,” the draft regulation says.

However, there is still a bit of opposition against the digital euro, as Siegbert Frank Droese of the far-right “Europe of Sovereign Nations,” a political group in the European Parliament, said his group had voted against the proposal, raising the likelihood that a further vote would be needed at the Parliament’s plenary.

Notwithstanding this, lawmakers are now in a position to start negotiating with the European Council of EU governments and the European Commission from July onwards, aiming for final approval for the digital euro’s rollout by the 2026 end.

The ECB, which plans to run a 12-month pilot of the digital euro starting in the second half of 2027, before a full launch in 2029, said it looked forward to Parliament adopting its final position.

Among other nations, China has been piloting a digital yuan at scale, while countries like India and Brazil have conducted trials of their respective CBDCs (Central Bank Digital Currencies). The United Kingdom, on the other hand, has focused on research amid concerns over privacy, financial stability, and banking-sector impact. Trump, on the other hand, through an executive order, has forbidden the Federal Reserve from issuing a digital currency.

The Republican, instead of a CBDC, has backed the development of stablecoins, privately issued crypto assets designed to maintain a stable value.

Since the vast majority of global stablecoins are denominated in US dollars, the cryptocurrency’s backers argue that the technology could reinforce the dollar’s international role and expand its use in cross-border payments.

Coming back to the digital euro, based on an ECB recommendation, lawmakers have proposed in the draft regulation that the European Commission should be the final deciding authority in terms of determining how many digital euros every user could own. The ceiling, in consultation with the central bank, can be reviewed at least every two years.

“Businesses would not be allowed to hold digital euros for longer than 24 hours. The digital euro would not earn any interest or cost anything to its users,” the proposal stated further.

“The proposal reflects political compromises. It keeps commercial banks at the center of distribution, with only a limited role for public channels and ⁠other providers, and does not go as far as presenting the digital euro as a true alternative to bank deposits,” Laura Casonato, head of policy at Positive Money Europe, an advocacy group for monetary reform, told Reuters.

“Such concessions were likely crucial to win over critics such as Fernando Navarrete Rojas, the parliament’s negotiator on this file, who only recently dropped his opposition to making the digital euro available online,” she stated further.

As per the latest ECB simulations, depositors could withdraw up to 699 billion euros (USD 795.88 billion) from eurozone banks if a limit on digital euro holdings was set at ⁠3,000 euros each.

“This is equal to 8.2% of all retail sight deposits, although the impact would be greater for small-market lenders and retail banks,” the ECB noted.

As per the draft proposals, the ECB would provide the underlying infrastructure, while commercial banks and payment service providers would offer digital euro services to customers.

“Financial institutions are expected to be compensated for their participation in the scheme, while merchants will pay fees that are expected to be lower than those associated with current card transactions,” the proposals stated further.

However, the compensation’s structuring is expected to be one of the bones of contention ahead of negotiations between the EU and its member states.

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The consortium, which set up an Amsterdam-based company called Qivalis in 2025, now has 37 financial institutions as members, including ING, BNP Paribas and BBVA, from 15 countries.

Euro-pegged cryptocurrency has been envisioned as a medium to counter American dominance in digital payments, apart from participating in a possible future system where assets such as bonds and real estate are traded as blockchain-based crypto tokens. The project has moved on despite the European Central Bank’s reservations about the potential benefits.

Talking more about the project, Qivalis CEO Jan-Oliver Sell said, “the euro is Europe’s currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules.”

Talking about the European Central Bank’s reservations about the project, in May 2026, the central financial institution’s president, Christine Lagarde, stated that the growth of private stablecoins requires a stricter separation of the functions of money and payment instruments, as well as increased attention to risks for the financial system.

The 25 new members include Dutch lenders ABN Amro and Rabobank, Spain’s Sabadell and Bankinter, Bank of ‌Ireland, ⁠Sweden’s Handelsbanken and Finland’s Nordea, among others.

The formation of the consortium also coincides with the broader crypto industry’s trend of competing with mainstream financial institutions, putting traditional lenders under pressure to find uses for blockchain technology within their own businesses.

Stablecoins – ⁠a type of cryptocurrency pegged to a fiat currency – are mostly used in crypto trading and have surged in size in recent years. The market is dominated by El Salvador-based Tether and ⁠US-based Circle, which say they have around USD 190 billion and USD 77 billion of their dollar-pegged tokens in circulation, respectively,” reported Reuters.

While a good chunk of the global stablecoin market has been witnessing a sort of a dollar hegemony, an ECB working paper recently projected that that dollar-backed stablecoins would end up creating additional demand for US government debt, apart from enhancing the global role of the US national currency through digital settlements.

While the paper linked the growth of such tokens to the strengthening of the “dollar-centric” architecture of the global financial system, the euro-pegged cryptocurrency, albeit smaller in scale, wants to challenge the trend.

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“The month saw a staggering USD 12 billion exit, marking the largest monthly outflow on record. Despite the turbulence, the market managed to secure its seventh consecutive quarter of net inflows, with total assets under management reaching USD 606 billion,” the report stated.

In contrast to North America’s sell-off, Asian markets experienced unprecedented inflows. In Q1 2026, the region witnessed its strongest influx ever, adding USD 14 billion, driven mainly by China’s safe-haven demand amid declining local equities and a weakening currency. Indian investors came second, bringing their quarterly total to USD 3 billion. In March, there was a significant USD 2 billion addition for Asian gold ETFs, making the quarter the most robust one on record.

The World Gold Council report also cites a combination of risk-off conditions in North America, including investors’ tendency to liquidate profitable gold positions, as the reason for the ETF outflows.

“The stronger US dollar and stagnant interest rate projections through September 2027 further impacted demand. Notably, prolonged inflow periods like this were historically only seen during major financial crises, followed by sharp market reversals,” the report remarked.

North America’s monumental USD 13 billion outflow in March was a significant event, ending a nine-month streak of ETF inflows and making it the sole region to witness net outflows in Q1. European funds, on the other hand, experienced modest outflows of USD 154 million, trimming the region’s quarterly inflow to a mere USD 27 million. The continent’s sales, driven by Germany, Italy, and France, closely correlated with price shifts.

While the European Central Bank’s (ECB) hawkish tone and increasing regional yields augmented local investors’ opportunity costs, euro depreciation intensified Swiss losses.

However, the overall global market liquidity remained solid; March’s daily trading volumes averaged USD 525 billion, a 11% rise from February. Over-the-counter transactions soared 13% to USD 272 billion daily, outpacing the 2025 average.

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The news also comes against the backdrop of rising oil prices fuelling inflation concerns and lifting expectations of further European Central Bank (ECB) rate hikes. While Iran has dismissed United States President Donald Trump’s talks of negotiations as “fake news,” reports claiming administration insiders as sources stated that Washington would continue its strikes against the Western Asian nation.

Talking about Bund yields, Germany’s 10-year government bond yield, ‌the euro area’s benchmark, ⁠dropped 0.5 ⁠basis points to 3.01%. A couple of days back, it reached 3.077%, its highest level since June 2011.

Money markets have fully priced ‌in two European Central Bank interest rate hikes ⁠by July 2026, along with a deposit facility rate at 2.65% by year-end. The ratio currently stands at 2%.

According to Reuters, Germany’s two-year yields, more sensitive to expectations for policy rates, were down 1.5 bps at 2.60%. They hit 2.764% the day before, their highest level since July 2024. Italy’s 10-year government bond yields fell one bp to 3.91%, after recently reaching 4.119%, their highest since July 2024.

The yield gap of ⁠Italian government bonds versus Bunds was at 85 bps. It was at 63 bps before the attacks against Iran and hit 53.50 in mid-January this year, its lowest level since August ‌2008. The French spread, on the other hand, was at 69 bps ⁠from 58 bps before the conflict.

Discussing the existing money market mood, Commerzbank rates strategist Hauke Siemssen said, “Markets look set to remain in sell-off mode as latest headlines out of the Middle East point to prolonged energy price increases.”

Goldman Sachs also expects the ECB to deliver two 25 basis point interest rate hikes in April and June 2026.

“At the April meeting, only a few data pointers for March will be available, which would render a potential hike a risk management exercise and a sign of commitment to stay ahead of the inflation curve. More hawkish-leaning council members seem in favour of an April hike, while centrist council members ‌should ultimately tip the balance,” Siemssen concluded.

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Headline inflation of 2.4% was in line with the forecast of economists polled by Reuters. Every month, the ratio was at 0.6%. It is the seventh straight month the headline rate has been below 3%, despite a slight rebound in the rate in December 2023 due to energy prices.

As long as wage/price developments don’t come as a nasty surprise and data stay on course with the bank’s previous round of projections from March 2024, the European Central Bank virtually guaranteed a rate cut on June 6.

Data from Eurostat, the EU’s statistics agency, revealed that core inflation, which removes volatile prices for food, energy, tobacco, and alcohol, decreased to 2.7% from 2.9%. Policymakers use core inflation as a key indicator to assess how long price pressures will last.

Closely watched services inflation has eased to 3.7%, after remaining stagnant at 4% since the year’s beginning. The impact of a lower year-on-year price of energy continued to moderate, coming in at -0.6% versus -1.8% in March. However, policymakers express concern about the rapid wage growth that drives up service costs, and much of this can be attributed to Easter falling early.

Price increases in services, a key watcher for the European Central Bank, cooled to 3.7% from 4%. The region’s GDP, meanwhile, rose by 0.3% over the first three months of 2024, slightly better than consensus economist expectations. GDP for the fourth quarter of 2023 was revised from no growth to a 0.1% contraction, which means that the eurozone was in a technical recession in the second half of last year.

The talk of possible rate cuts has dominated the agenda for months as a result of inflation declining more quickly in the past year than the European Central Bank had anticipated. However, policymakers say they are still looking for more reassuring data, especially on wages.

Market expectation, however, is mounting for the ECB to start cutting interest rates at its next monetary policy meeting on June 6. Money market pricing currently indicates a nearly 70% probability of a June trim, according to LSEG (London Stock Exchange Group) data, with even higher bets on a cut in July or September of this year.

A host of voting ECB members told CNBC that they were anticipating an interest rate reduction in June, citing the need to prevent an excessive slowdown in the European economy. They also flagged risks from oil prices and geopolitical volatilities in the Middle East.

“The fact that services inflation fell for the first time in six months, serves as a more important development that increases our confidence that the ECB will lower policy rates in June,” Gerardo Martinez, Europe economist at BNP Paribas, told CNBC.

However, he also noted the slightly lower-than-expected fall in core inflation and volatility in some areas of services that had increased the inflation rates in France and Italy.

“With the path from here likely to be bumpy and growth data showing that the eurozone economy is gathering momentum, we think the path beyond June remains more uncertain and we continue to expect a gradual and cautious (quarterly) pace of easing from the ECB,” Martinez remarked.

Jane Foley, head of FX strategy at Rabobank, told CNBC that growth figures were encouraging, and that firmer than expected core inflation “may suggest less urgent need for more accommodative monetary policy from the ECB.”

“While a June rate cut is considered by many market participants to be almost a done deal, there is still plenty room for debate about the pace of ECB policy moves later in the year,” Foley added.

In 2022 and 2023, the European Central Bank increased interest rates at the fastest rate ever recorded in order to curb uncontrollably rising prices. However, since September, the ECB has maintained the 4% deposit rate, citing that it has taken all necessary steps to curb demand and eliminate price pressures.

Even so, some officials seem to be retracting their earlier remarks that a series of actions should follow the June cut because inflation was already well on its way to reaching the 2% target by the end of 2025.

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