Europe’s top official for winding down failed lenders is seeking reassurances that the US won’t stand in the way of regulators elsewhere forcing bondholders to take losses when big banks fail, Bloomberg News reported. Dominique Laboureix said that he has recently convened a group at the Financial Stability Board (FSB) that is “working seriously” on the matter. “In these topics, you cannot achieve 100% of comfort all around the globe with all the authorities,” Laboureix, who leads Europe’s Single Resolution Board, said in an interview.

The European Union has agreed on a new raft of sanctions against Russia targeting its shadow fleet of oil tankers and banning its imports of liquefied natural gas, the Danish EU presidency announced Thursday, The Canadian Press reported. “Today is a good day for Europe and Ukraine,” Danish Foreign Minister Lars Løkke Rasmussen said in a statement, as EU leaders were gathering for a summit in Brussels.

Europe could soon be engulfed in another sovereign debt crisis, unless it adopts “bold” policy responses, the International Monetary Fund (IMF) has warned, the Irish Times reported. In a report on Europe’s economy, the Washington-based fund also said the euro zone – while avoiding a “deep growth shock” from recent crises – had converged on a low growth path and that the impact of US tariffs was now beginning to “bite”. It warned that public spending pressures in several countries had put debt on a potentially “explosive path”.

The European Union proposed Tuesday cutting free-trade quotas by 47% on steel and steel products, effectively adding large tariffs on imports from countries like China, India, Turkey, and the United Kingdom, which said the measures would wreck the British steel industry, the Associated Press reported. After importing 18.3 million tons, the new quota, additional imports will face up to 50% in new tariffs, a high price akin to U.S. President Donald Trump's steel measures. Neighboring nations like Norway, Iceland and Ukraine will be exempt.

The European Union's financial risk watchdog called on Thursday for urgent safeguards on stablecoins only partly issued in the bloc, echoing a warning from the European Central Bank, which is worried that their failure could induce a run on reserves, Reuters reported. Stablecoins are a type of cryptocurrency designed to hold a steady value by being pegged to a reserve asset such as a currency or basket of assets.

China's Premier Li Qiang and European Union chief Ursula von der Leyen stressed cooperation during their meeting in New York, as the world's No.2 and No.3 economies looked to defuse trade tensions while squeezed by U.S. President Donald Trump's tariffs, Reuters reported.

After signing a trade deal with Indonesia, the European Union is preparing to conclude agreements with the Philippines, Thailand and Malaysia by 2027, a top trade official said, the Wall Street Journal reported. Asean’s importance as a partner for Europe is growing, European Commissioner for Trade & Economic Security Maroš Šefčovič said at the Asean-EU Business Summit in Kuala Lumpur. “We are living in turbulent times where you very much treasure true partnership, friendship, predictability and stability,” he said.

Indonesia and the European Union have signed a long-awaited trade deal that comes as Asian countries reposition themselves in a landscape reshaped by U.S. tariffs, the Wall Street Journal reported. The pact, which Jakarta and the EU have been negotiating for over nine years, was inked Tuesday during European Commissioner for Trade & Economic Security Maroš Šefčovič’s visit to Indonesia. “This agreement eliminates over 98% of tariffs, removing nearly all barriers to trade and opening new pathways for investment,” the European official said.

The European Union plans to propose a partial suspension of the bloc’s trade agreement with Israel as pressure piles on the institution to take a harder line on Gaza, the Wall Street Journal reported. “We will propose sanctions on the extremist ministers and on violent settlers, and we will also propose a partial suspension of the association agreement on trade-related matters,” EU President Ursula von der Leyen said, addressing the crisis in Gaza that has divided European states.

When President Trump unveiled his trade deal with the European Union in July, businesses across the bloc thought it would end months of uncertainty for one of the world’s most lucrative trade relationships, the Wall Street Journal reported. Less than two months on, frustration with the deal is growing in Europe. Businesses are halting exports to the U.S., complaining about new bureaucratic hurdles and warning about a new era of unpredictability.