ECB & Rates: The ECB held interest rates steady at 2.25% as it warned the full inflation hit from the Middle East energy shock hasn’t played out yet, while also flagging a debate on how to reduce ECB losses via higher minimum reserves or changes to how excess reserves are paid. Euro Banknotes: The ECB unveiled 10 euro banknote design finalists and opened a public vote until Sept 21, with themes split between “European culture” and “rivers and birds.” Russia Sanctions (21st package): The EU agreed its 21st sanctions package, adding 32 Russian banks to transaction bans, targeting crypto-related platforms, and extending oil price-cap rules for another year, alongside measures aimed at the shadow fleet. Markets & Oil Shock: Risk sentiment weakened as attacks in the Red Sea pushed oil higher, lifting bond yields and weighing on equities. Banking M&A: RBI cleared its minimum acceptance threshold in the Addiko takeover bid, but the contest with NLB remains open. Crypto & DeFi: Uniswap v4 launched permissioned pools for regulated, allowlisted assets, while the EU expanded sanctions to crypto-related service platforms. Corporate Finance: Nestlé’s water carveout with Platinum Equity values the business at €4.9bn, returning about €3bn to Nestlé. Energy/Industry: Sweden moved to treat rare-earth and critical metal mining as a national security interest to speed permits and cut China dependence.