Using who-to-whom data for the last quarter of 2024, I build networks of financial interconnections in the euro area countries. After representing them in chord diagrams, I consider centrality metrics and find that banks dominate, with four exceptions: Cyprus, Ireland, Luxembourg and Malta. In these countries, other financial institutions and investment funds are at the core, with limited links to domestic sectors and strong ones with the rest of the world.

Investment in cybersecurity in an interconnected banking system has public-good proper- ties: positive externalities can generate systemic underinvestment. Using confidential supervi- sory data from the European Central Bank, we first identify “laggard” European banks that underinvest relative to their cyber-risk profiles, and then examine how supervisory scrutiny af- fects their incentives to invest. We exploit the 2024 ECB Cyber Resilience Stress Test (CyRST) as a quasi-natural experiment.

The meeting between Greek Foreign Minister Giorgos Gerapetritis and his German counterpart Johann Wadephul in Athens on Monday offered an opportunity for both sides to reflect on the current state of Greek–German relations, which are marked by strategic convergence but also persistent divergences in priorities.

Local governments are trying to create housing that is permanently affordable by investing directly in construction. They are rewriting how housing programs have traditionally operated.