The European Commission will present on Wednesday a list of measures it plans to put forward by next spring on reducing bad loans held by European banks, a draft document said, a move that could slow similar moves by the European Central Bank. The ECB banking supervisor proposed last week that euro zone banks should set aside more cash from next year to cover newly classified bad loans and may also present additional measures to tackle the sector’s huge stock of bad debt which amounts to nearly 1 trillion euros, Reuters reported.

French president Emmanuel Macron’s plans to make common cause with Germany to reform the eurozone have suffered an early setback as Berlin pushes proposals for sovereign debt writedowns that Paris fears could shatter investor confidence in the single currency, the Financial Times reported.

Agrokor d.d., the conglomerate under the largest state-led restructuring in Croatian history, failed to report more than 3.9 billion kuna ($616 million) of liabilities at the end of 2015, according to a company report published on Monday. The firm released audited results for 2016 and reviewed financial reports for the previous years, confirming earlier warnings from Ante Ramljak, a government-appointed commissioner, that the original results may have contained irregularities, Bloomberg News reported.

Britain’s transport minister said on Monday the costs of bringing home 110,000 customers of airline Monarch, which collapsed last week, were being discussed with credit and debit card companies, Reuters reported. Monarch went bust last week amid intense competition over passengers and a weaker pound following the Brexit vote decimated company profits. It is the largest British airline to collapse and its demise left thousands of customers stranded abroad.

Flights operated by insolvent German carrier Air Berlin will end by Oct. 28 at the latest, it said on Monday, urging staff to seek jobs elsewhere while it works toward a carve-up of its assets. Air Berlin filed for insolvency in August and a government loan is keeping its planes in the air to give it time to negotiate with investors for parts of the business, Reuters reported. Talks with Lufthansa and easyJet are due to run until Thursday and once a deal for parts of its business has been agreed Air Berlin will have to wind down the rest of the operation.

The European Commission is set to propose next week a watered-down plan to decrease risks in the banking sector in a bid to break a years-long stalemate as the main opponent to the project, Germany’s Wolfgang Schaeuble, prepares to quit. The plan tries to reduce bank risks after a decade-long economic crisis, and at the same time urges EU states to share those risks - an intent long opposed by Germany’s departing finance minister who feared wealthier German banks would end up propping up weaker rivals in other EU states, Reuters reported.

The eurozone’s fortunes have been transformed in the past couple of years. Growth has returned even to the most depressed corners of the bloc’s periphery. Investment is rebounding and unemployment, although still unacceptably high in some countries, is falling. The European Central Bank appears poised to scale back stimulus. All this has buoyed shares in European banks, which have outperformed their US rivals since the start of the year.

In a similar story, The Wall Street Journal reported that European regulators are turning up the heat on bad loans and Italy’s banks will feel it most. Tough timing then for Italy’s oldest bank, Banca Monte dei Paschi di Siena, to return to the stock market this month after it was forced into a state-backed bailout process last December. Trading will be bumpy for its new shareholders, half of whom were bondholders before its recapitalization and will get their first chance to sell.

Financial markets have swung their attention towards Spain after the Catalan regional government held a contested independence vote on Sunday, setting it on a collision course with Madrid, the Financial Times reported. Investors have been spooked by the possibility of Catalonia, a region with an economy roughly the size of Portugal, breaking away from Spain, risking a constitutional crisis and derailing its recovery from a severe recession. Madrid-listed shares are under pressure while yields on debt issued by the Spanish and Catalan regional governments have risen.

Russia’s B&N Bank, which is being rescued by the central bank, said on Wednesday it will write off subordinated debt worth $226.56 million owed to its shareholders, Reuters reported. B&N - the second bank to be rescued by the central bank in less than a month after Otkritie - does not have publicly traded subordinated debt in issue, unlike Otkritie where some of the junior debt will be written off during the bail out.