Global Daily: Crash averted?

It’s been a busy week in Europe, before the start of the holiday season. Heavy meetings in Brussels, monetary policy decisions, and intense peace talks in which Europe is trying hard to get its foot in the door, while Russia—at times aided by the U.S.—continues to slam it shut. Yesterday, EU leaders have agreed to provide a EUR 90bn loan to Ukraine for 2026-2027. The EU won’t use frozen Russian assets as collateral, but rather borrow money on the capital markets against the headroom in the EU budget. The headroom is the difference between existing budget commitments and the amount EU countries can be called upon to contribute to the budget. A vote on the Mercosur deal has been delayed. The ECB keeps its rate constant, while the BoE cuts.