The European Central Bank interest rate increases have only trickled down to Greek deposits; from June 2022-May 2023, only 10% of the ECB rate changes were passed on to Greece, against a eurozone average of 20%. The Competition Commission cites S&P’s assessment in its survey of bank deposits, finding that this delay is even more evident in time deposits.
From July 2022 to September 2023, the ECB increased the deposit facility rate (DFR) 10 times, from -0.50% to 4%. In Greece, however, the successive increases did not pass on to household time deposits at the same rate. With the DFR at 2.50%, in February 2023, the interest rates on three-month products of systemic banks were at 0.40%-0.50%. In the middle of the year, with the DFR at 3.50%, they remained in the same range. Even after the ninth increase, to 3.75%, in August 2023, the next move came from only one systemic bank. And while the ECB’s cycle of increases was now complete, the interest rate on new retail deposits with an agreed maturity up to one year in Greece was still, in mid-2024, around 1.5 percentage points below the eurozone average.
The Commission says that is particularly significant in light of the market structure. The four systemic banks held 94.07% of deposits in 2024, characterizing the sector as a “tight oligopoly.” Although the Commission does not detect a cartel or collusion between banks, it describes the conditions that limit competition intensity: High concentration, high homogeneity in basic products, strong bank brands and low depositor mobility.
The report records new movements and potential competitors – CrediaBank, Optima, cooperative banks, Viva and digital lenders – but the crucial question, it notes, is not only whether new players merge, but whether they can attract enough deposits to force the big ones to improve their offers.
The problem is also not only how many banks there are, but also how easily depositors can react. Individuals usually lack the bargaining power to demand higher interest rates, while businesses and customers with larger balances may have a stronger position.
Digital euro legislation is running late. On November 10, European Central Bank Executive Board member Piero Cipollone warned lawmakers that further delays could push the currency’s potential first issuance beyond 2029. Negotiators, he said, need a deal before the end of 2026.
The timetable matters as the ECB prepares a 12-month pilot involving 36 payment providers in the second half of 2027. The beta currency will be tested with selected participants. Any public issuance still depends on legislation and a later ECB decision.
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Speaking to the European Parliament’s Committee on Economic and Monetary Affairs, Cipollone called for a year-end deal on the regulation needed to complete preparations. “A delay in adoption could instead postpone the introduction of the digital euro,” he said.
Cipollone tied the timetable to European payment companies’ ability to compete. A delayed launch, he argued, could deepen reliance on foreign providers while leaving domestic businesses at a disadvantage.
The ECB wants to be ready for a potential first issuance in 2029 if the regulation is adopted this year. Legislation would supply the legal certainty needed to finish preparations and establish the basis for a possible issuance date.
Once the law passes, the ECB’s Governing Council must decide whether and when to issue the currency. The 2029 objective depends on the legislative process and that later decision.
EU Negotiators and the ECB Have Separate Decisions to Make
The European Parliament and the Council of the European Union have been negotiating with the European Commission in trilogues since July. Fernando Navarrete Rojas, a Spanish member of the European People’s Party, leads Parliament’s negotiating team. Ireland chairs the talks for member states.
The talks must settle the rules for banks, payment companies and merchants. Merchant fees remain unresolved, putting the proposed payment system’s commercial terms at the center of the final discussions.
According to Euronews, Ireland is aiming for a negotiating deal on November 18. Cipollone wants the broader process completed before the end of 2026, with adoption providing the legal basis for the ECB’s next steps.
The Council adopted its negotiating position in December 2025. Parliament’s economic affairs committee followed on June 23, 2026, approving its position by 43 votes to 14, with one abstention. On July 9, Parliament approved its negotiating mandate by 416 votes to 169, with 22 abstentions.
Those mandates cleared the way for negotiations on the final text. The regulation still needs to be adopted, the outcome Cipollone wants completed before year-end. EU leaders called in March for negotiations to conclude by the end of 2026. Another negotiating round took place on November 5, and the institutions are still working through the remaining issues as the ECB advances preparations.
Lagarde’s Departure Will Not Hold Up the Project, ECB Says
ECB President Christine Lagarde announced in October that she would step down on February 7, 2027, before the planned pilot. Alessandro Giovannini, adviser to the digital euro program manager, said at the Web Summit in Lisbon that the leadership change would not delay the project.
Giovannini called it “a European project” and described the work as strategic. He said he did not fear a change in leadership would affect it. The effort spans lawmakers, central banks and private payment companies.
The 2027 Pilot Will Test 36 Providers and Everyday Payments
The ECB selected 36 banks and payment firms in July, including Deutsche Bank, UniCredit and Stripe. In October, it chose network providers, including Nexi and Telefónica, to connect participants to its platform. More than 50 banks and nonbank financial companies applied.
ECB employees, national central bank staff and selected merchants will use a beta version of the digital euro without legal tender status. The exercise will test payment processes before any public issuance. Staff from 19 national central banks are expected to take part.
The 12-month exercise is scheduled to begin in the second half of 2027. Transactions will include cafeteria payments, person-to-person transfers and online purchases, testing both in-person and remote spending.
The ECB will assess reliability, payment processing and customer experience. It will examine how the system performs when payment providers, merchants and users interact, including whether transactions can be completed smoothly in ordinary purchasing situations.
A separate application process for online and mobile merchants opened in September. The selected businesses are expected to be announced in early 2027, adding another implementation milestone before the main pilot begins.
An innovation-testing round is also planned between January and June 2027. It will examine conditional payments and possible artificial intelligence applications, apart from the later 12-month pilot.
Giovannini said the first pilot transactions would arrive “in less than one year.” He described the companies building the system as European companies controlled by other European companies.
Consumer Costs and Merchant Fees Shape the Payment Proposal
Parliament’s negotiating position calls for free basic consumer services, including account opening and payments. It also requires businesses to accept the digital euro, subject to exemptions, and restricts fees charged to merchants and payment providers.
The proposed currency would support payments across the euro area, including transactions without an internet connection. Banks and other payment companies would need to adapt their systems before the service became available to the public.
Those provisions remain part of the legislative negotiations. The final terms will determine which consumer services are free and how merchants and intermediaries are compensated for providing payment services.
Cipollone said card payments in shops in 13 eurozone countries run entirely through non-European firms. International card schemes such as Visa and Mastercard underpin the dependence the ECB wants to reduce.
A shared European payment option would give local businesses another way to serve customers across the currency area. That objective makes the unresolved merchant-fee model consequential: payment companies and retailers need workable commercial terms.
Development Could Cost €1.3 Billion Before Issuance
The ECB estimates development expenditure at approximately €1.3 billion before first issuance. Annual operating costs are projected at approximately €320 million from 2029 under the potential issuance timetable.
Eurozone central banks would bear those costs, as they do for banknotes. The estimates cover building and running the system. Lawmakers are separately negotiating the fees that would apply within its payment model.
Giovannini cited more than 4,000 payment providers and millions of merchants when describing the scale of the eventual rollout. The 36-provider pilot is an initial testing group within that much larger payments ecosystem.
Implementation ranges from platform connections to coordination with the institutions that would deliver payments to customers. Banks preparing to distribute the currency will also have to adapt their systems and customer offerings.
Privacy, Reliability and Bank Deposits Shape Safeguards
Giovannini said offline phone-to-phone payments would check that a token was genuine without leaving a record identifying the payer and recipient. Demonstrating the idea with a €20 banknote, he compared the proposed exchange to handing over cash.
Offline payments would also face limits under negotiation by lawmakers, designed to address money laundering and terrorist financing. The limits balance the cash-like privacy described by the ECB against the controls required by legislation.
A T2 payment-system outage in early 2025 disrupted bank settlement for much of a day and drew criticism from European lawmakers. Markus Ferber of the European People’s Party questioned the ECB’s ability to run a digital euro after the interruption to its existing infrastructure.
The ECB responded that the proposed digital euro would be more comparable to its TIPS instant-payment system, which suffered only minor delays that day. Reliability is now among the issues the coming tests must address.
Bankers have raised concerns that customers could move deposits into ECB-guaranteed wallets. Parliament’s negotiating position includes individual digital euro holding limits, placing a safeguard around the amount users could keep in the new form of money.
Earlier political discussions linked those limits to financial stability and the risk of deposit outflows from commercial banks. The final rules will matter to banks preparing to distribute the currency and to customers who would use it.
Private Euro Stablecoins Advance Alongside the ECB Project
Qivalis, a consortium backed by 37 banks across 15 countries, received Dutch central bank authorization in October to operate as an electronic money institution. It plans a euro-denominated stablecoin subject to additional MiCA requirements, with distribution through banks, cryptocurrency exchanges and payment providers.
The proposed token has not entered circulation. Its planned private issuance would position it alongside a payment instrument distinct from the ECB’s proposed central bank money, leaving banks to manage parallel preparations as European digital-payment options develop.
The digital euro still has three next steps: finish the legislation, conduct testing and secure a Governing Council decision on issuance. The ECB’s 2029 objective depends on those decisions.
FAQ
Will Digital Euro Balances Pay Interest?
Giovannini said the digital euro would pay no interest, drawing a comparison with banknotes. Banks and fintech companies could offer their own rewards, separate from a yield on the currency itself.
Who Would Pay for the Shared Digital Euro Infrastructure?
Giovannini said the ECB would fund the shared infrastructure and offer it free to banks and other participating institutions. Merchant-fee arrangements are a separate part of the legislative negotiations, with the final compensation model still unresolved.
How Many Applications Did the ECB Receive for the Payment-Provider Pilot?
The ECB received more than 50 applications from banks and nonbank financial companies. It selected 36 providers for the planned testing exercise in the second half of 2027.
Staff From How Many National Central Banks Will Participate in the Pilot?
Staff from 19 national central banks are expected to take part, alongside ECB employees. Selected merchants and payment service providers will also participate in the beta exercise.
What Information Would Banks and the ECB Receive About Online Digital Euro Payments?
Giovannini said banks would know who paid whom in online transactions, as they do with existing payments. The ECB would receive pseudonymized data under the arrangement he described.
What Does the Single Currency Package Cover Besides the Digital Euro?
The package also addresses the legal tender status of euro banknotes and coins. It brings the proposed digital currency’s framework together with legislation concerning physical cash.
What Will the Separate January–June 2027 Innovation Tests Cover?
The ECB plans another innovation-testing round between January and June 2027. It will examine conditional payments and possible artificial intelligence applications, separately from the later 12-month pilot.
This article is for information only and is not financial advice.
Florida State‘s postseason hopes received a much-needed boost Saturday, and ESPN’s latest Matchup Predictor is beginning to reflect the Seminoles’ changing outlook.
Following a 31-24 comeback victory over Boston College in interim head coach Rick Stockstill’s debut, Florida State improved to 4-5 overall and 2-4 in ACC play. The win snapped a three-game losing streak and kept the Seminoles within striking distance of bowl eligibility.
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With three games remaining, Florida State needs two victories to reach the six-win threshold. However, ESPN’s latest projections favor the Seminoles in just one of those matchups. The outlook has improved since last week’s update, with Florida State gaining ground against the NC State Wolfpack and rival Florida Gators while its chances against the Pittsburgh Panthers remain unchanged.
Here’s how ESPN projects the Seminoles’ final three regular-season games.
Nov. 13 at Pittsburgh
Projected Winner: Pittsburgh
FSU win probability: 38.0%
Projected FSU record: 4-6
Florida State’s first victory under Stockstill did little to change ESPN’s expectations for Friday night’s trip to Pittsburgh. The Panthers (6-3) remain favorites despite entering the matchup following a bye week. Pittsburgh has been particularly difficult to beat at Acrisure Stadium, compiling a 5-1 home record this season.
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Nov. 21 vs. NC State
FSU win probability: 80.8%
Projected FSU record: 5-6
No remaining matchup shifted more dramatically in Florida State’s favor than its home meeting with NC State. The Wolfpack suffered a humiliating 41-3 loss to Duke on Saturday, managing just 217 total yards and 32 rushing yards while allowing 238 yards on the ground.
Meanwhile, Florida State rushed for 202 yards against Boston College, with freshman Amari Thomas contributing 98 yards and two touchdowns.
Nov. 27 vs. Florida
Projected Winner: Florida
FSU win probability: 42.3%
Projected FSU record: 5-7
Florida State’s chances against its biggest rival have improved despite ESPN continuing to favor the Gators. Florida (5-4) has dropped four of its last five games, including consecutive losses to Georgia and Oklahoma in which the offense combined for just 15 points.
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The Gators’ latest setback, a 23-7 home loss to Oklahoma, saw them produce only 203 total yards while throwing two interceptions.
Follow us @FSUWire on X and like our page on Facebook to follow ongoing coverage of Florida State news, notes, and opinions.
Chinese premier Li Qiang will aim to strengthen mutual trust with Asean member states amid tensions.
BEIJING:
Chinese premier Li Qiang will visit Manila to attend the Asean summit this week, Beijing’s foreign ministry said Wednesday, joining world leaders including US president Donald Trump.
China and the Philippines have long been at loggerheads over competing claims in the South China Sea, and have taken diplomatic swipes at each other in the run-up to the summit.
Beijing accused Manila in October of “erecting multiple obstacles” to its attendance at an Asean meeting in the Philippines that month, a claim rejected by the Southeast Asian country’s defence chief.
China’s top diplomat Wang Yi also urged the Philippines to rein in politicians who had repeatedly “smeared” Beijing and crossed its “red lines”.
Beijing’s foreign ministry announced on Wednesday that Li will participate in an upcoming Asean summit in Manila on Sunday and Monday.
“Through this meeting, China looks forward to strengthening solidarity and mutual trust with Asean member states,” ministry spokesman Guo Jiakun told reporters at a regular briefing.
“We aim to deepen collaboration in areas such as artificial intelligence, the digital economy, energy security, connectivity, and poverty reduction and development,” Guo added.
Trump, Brazilian president Luiz Inacio Lula da Silva and Canadian prime minister Mark Carney are among world leaders confirmed to fly to Manila for the Nov 15-18 Asean summit and related meetings.
Besides China, Asean’s other so-called East Asian dialogue partners — Japan and South Korea — will also be represented.
Nov 11 (Reuters) – Futures tracking Canada’s blue-chip stocks rose on Wednesday as gold and oil prices rebounded after sharp declines, while stronger-than-expected results from CoreWeave revived optimism around artificial intelligence.
December futures on the S&P/TSX 60 index were up 0.4% at 6:14 a.m. ET (1114 GMT).
Oil prices rose more than 1% from the previous session’s two-month low, after Iran’s security chief said Tehran would not allow even a single particle of enriched nuclear material to leave the country
Spot gold was up 0.5% after a sharp selloff in the previous session driven by a hot US inflation print and hawkish remarks from the Fed
Canada’s main stock index closed lower on Tuesday as rate-hike expectations ramped up
On Wednesday, investor sentiment was boosted by strong results from AI infrastructure firm CoreWeave, which sparked a wave of AI optimism after the recent sharp selloff
The Nvidia-backed company said it expects to become profitable in the first half of 2028, easing concerns over its debt-funded expansion. Its shares rose 14% in US premarket trading
Meanwhile, minutes showed the Bank of Canada (BoC), which raised rates for the first time in more than three years last month, acknowledged considerable uncertainty over the inflationary impact of higher energy prices and the US trade war, but agreed that uncertainty would not prevent further policy action if needed
Markets are pricing in a 48% chance of another rate hike by the BoC, according to LSEG data
Among companies, Barrick Mining (ABX.TO), opens new tab filed for an initial public offering of its North American business in New York
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The move comes as India’s merchandise exports to Bangladesh, Afghanistan, Nepal, Bhutan, Sri Lanka, Maldives and Pakistan fell by 1.3% to $25.7 billion in FY26.
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11 November, 2026, 11:15 am
Last modified: 11 November, 2026, 11:21 am
A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo
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A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo
The Indian government is mapping regulatory and market-access barriers Indian exporters face in its seven South Asian neighbours as part of a drive to diversify overseas markets to achieve its $1-trillion total exports target this fiscal year.
Indian exporters have been asked to flag hurdles like import restrictions, licensing requirements, product standards, technical regulations, banking and payment curbs, high import tariffs and delays in regulatory approvals, The Economic Times reported today (11 November) citing officials.
The move comes as India’s merchandise exports to Bangladesh, Afghanistan, Nepal, Bhutan, Sri Lanka, Maldives and Pakistan fell by 1.3% to $25.7 billion in FY26, after rising 2% in FY25 and declining 8.57% in FY24.
India’s yarn exporters to Bangladesh said they have sought expeditious certification of rules of origin.
Bangladesh purchases about 45% of India’s total cotton yarn exports.
India’s chilli and turmeric exports to Sri Lanka have been hit by issues over pesticide residues beyond accepted levels.
Work is underway to resolve non-tariff barriers with all South Asian countries and broaden trade facilitation measures.
Efforts are also being made to increase India’s exports of certain products including chemicals and pharmaceuticals to South Asian markets, officials said.
Indian industry is also trying to identify products that have robust export demand, actual and potential, in South Asian countries.
An Indian industry representative said political issues in South Asia need to be resolved for boosting trade in the region.
Ajay Sahai, director general of the Federation of Indian Exporters Organisations, welcomed New Delhi’s move, saying it is “strategically good” to improve intra-South Asia trade and India’s export diversification initiatives to reach the $1-trillion export target.
While the South Asian Free Trade Area (Safta) exists, Bangladesh, India and Sri Lanka are also members of the Asia-Pacific Trade Agreement, which includes China.
India and Maldives have held the first round of negotiations for a bilateral trade agreement.
Political relations between India and Bangladesh have undergone considerable changes since the ouster of Sheikh Hasina’s Awami League regime in August 2024.
Prior to that, a commerce secretary-level meeting between India and Bangladesh was held in New Delhi on 4 March 2022, when it was agreed to finalise a study on a possible bilateral comprehensive economic partnership agreement (Cepa). But the initiative has not made headway since then.
Gold prices ticked up on Wednesday after a nearly 3% slide in the previous session, but gains were limited as stronger-than-expected US inflation data cemented expectations of a Federal Reserve interest rate hike next month, weighing on bullion.
Spot gold rose 0.6% to $4,057.33 per ounce at 0637 GMT after falling nearly 3% to $4,017.21 on Tuesday. US gold futures for December delivery gained 0.9% to $4,065.40.
“We’re seeing a technical retracement against Tuesday’s heavy losses, as bears book profits and wait for the next catalyst. Hot CPI and hawkish Fed comments have revived tightening expectations,” said Matt Simpson, a senior market analyst at StoneX.
The odds of a half-percentage-point Fed rate hike next month surged on Tuesday after data showed US inflation accelerated more than expected in October and policymakers signalled a willingness to tighten policy more aggressively.
Traders now see a 100% probability of a rate increase in December, up from 84% prior to the data, according to the CME’s FedWatch tool.
Although gold is typically seen as an inflation hedge, higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal to investors.
“If we see positive developments in the Middle East that would be supportive for gold from an inflation standpoint. But overall, the near-term macro setup for gold does not seem positive,” said Soni Kumari, an analyst at ANZ.
Meanwhile, Fed Vice Chair for Supervision Michelle Bowman joined a growing number of policymakers on Tuesday in stressing that bringing down inflation remains the central bank’s top priority.
Philadelphia Fed President Anna Paulson said the central bank has more rate increases ahead as it moves to lower elevated levels of inflation.
Among other metals, spot silver climbed 2.9% to $53.01per ounce, and palladium gained 2.5% to $1,050.05. – Reuters
By Matthew ParishWednesday 11 November 2026At the eleventh hour of the eleventh day of the eleventh month of 1918, the guns finally fell silent along the Western Front. After four years of unprecedented industrial slaughter, Europe emerged from the most destructive conflict in its history, convinced that the horrors it had endured must never be repeated. Millions of men lay dead in the mud of France and Belgium, the great continental empires had collapsed and an entire generation had been trauma
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