Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

• The US Department of Labor (DOL) has proposed new regulations under ERISA to clarify fiduciary duties of prudence regarding the selection of designated investment alternatives. • The proposal establishes a process-based safe harbor for fiduciaries, specifically those incorporating alternative asset exposure, to prioritize decision-making processes over final investment outcomes.

• Romania has recorded Europe’s highest inflation rate at 9.0%, with Kosovo and Bulgaria following as the next most affected regions. • The data highlights a significant disparity in price stability across the continent, with Eastern European nations facing the steepest increases.

• Poland and Portugal experienced the strongest real household income growth in Europe over the last two years, with Spain leading among major economies. • Specific growth rates included the Netherlands at 2.3%, Portugal at 2%, Denmark at 1.9%, Greece at 1.8%, and Spain at 1.5%.

• European stocks experienced volatility on Thursday, eventually reversing initial losses to finish the trading session higher. • The market shift followed an order from Iran's Supreme Leader to keep near-weapons-grade uranium within the country.

• Euro zone economic activity shrank at its fastest rate in over two-and-a-half years during May, according to survey data released Thursday. • The downturn was driven by a war-induced surge in energy prices and living costs, which severely stifled demand for services across Europe.

• The European Central Bank (ECB) has released balance of payments and international investment position statistics for the euro area and its member nations. • The data highlights consistency in financial reporting, with 13 countries showing discrepancies below 1% of GDP and 14 countries maintaining discrepancies below 2% of GDP on the financial account side.

• Eurozone inflation has climbed to 3% year-on-year as of May 21, 2026, driven primarily by rising energy costs. • The economic surge is being hindered by an ongoing conflict with Iran, which caused confidence indicators and the composite PMI to drop below the expansion threshold in April.

• An international assessment team from the Asia-Pacific Group (APG), under the Financial Action Task Force (FATF), recently conducted field visits and discussions with Nepali authorities. • The team urged Nepal to accelerate reforms to strengthen its regulatory enforcement, prosecution, and anti-money laundering mechanisms.

• India will launch its first-ever Index of Services Production (ISP) in July to accurately measure the output of the country's critical services sector. • The new index is designed to track short-term shifts in services production, complementing the existing Index of Industrial Production (IIP).

• Global equity markets experienced a relief rally, with Asian and US indices surging due to optimism surrounding a potential peace agreement between the US and Iran. • Key gains were seen in the Nikkei 225 (+1.8%), Hang Seng Index (+0.5%), KOSPI (+0.5%), ASX 200 (+0.4%), and STI (+0.2%).

• Asian stocks rose on Friday as investors maintained optimism for a breakthrough in U.S.-Iran peace talks, despite ongoing disagreements over key issues. • The U.S. dollar reached a six-week high while oil prices experienced volatility amid the geopolitical uncertainty.