CEE Perspective Weekly Digest - Issue 20

EU Member States agree on Digital Omnibus negotiating position 

On 21 October, the Council of the EU agreed its negotiating position on the Digital Omnibus, advancing efforts to simplify EU rules on data protection, cybersecurity reporting and data sharing. The Council's position includes further adjustments to the GDPR and Data Act, particularly concerning proportionality for organisations carrying out low-risk data processing and stronger protection of trade secrets. The initiative forms part of the EU's broader simplification agenda, aimed at reducing compliance costs while maintaining data protection and cybersecurity safeguards. 

A key element of the Council's position is its preference for national entry points for cybersecurity incident reporting, rather than the centralised EU Single Entry Point initially proposed by the Commission. ENISA would retain a supporting and coordinating role, while the Commission would assess opportunities to harmonise reporting requirements across EU legislation, including DORA. The compromise also clarifies when pseudonymised data may no longer be considered personal data for certain recipients, raises the threshold for personal data breach notifications to high-risk cases and extends the reporting deadline to 96 hours. In addition, it provides for a review of GDPR obligations for smaller and low-risk organisations and strengthens safeguards for trade secrets under the Data Act. 

The agreement marks an important step towards simplifying the EU's digital regulatory framework, although its practical impact will depend on the final legislation and its implementation. In particular, questions remain over how far the proposed changes will reduce compliance burdens for organisations processing large volumes of personal or sensitive data or subject to overlapping reporting requirements. The European Parliament must still establish its negotiating position before trilogue negotiations can begin. 

What this means for CEE markets: For Central and Eastern European countries, the proposed changes could reduce administrative burdens for businesses and financial institutions particularly smaller organisations with limited compliance resources. The emphasis on national cybersecurity reporting systems would allow Member States to build on existing structures, although differences in implementation could create challenges for cross-border operators. Greater interoperability and consistency in reporting requirements will therefore be important to ensure that simplification delivers tangible benefits across the region without creating additional fragmentation. 

EU reaches political agreement on securitisation reforms 

On 21 October, the European Parliament and Council reached a provisional political agreement on the review of the EU Securitisation Framework, marking an important milestone under the Savings and Investments Union (SIU). The European Commission welcomed the agreement as a step towards delivering its One Europe, One Market agenda. The reforms aim to revitalise Europe's securitisation market by simplifying regulatory requirements, making capital requirements more sensitive to actual risks and facilitating investment and lending to businesses and households. 

The agreement introduces a new category of resilient securitisations, strengthens the existing simple, transparent and standardised (STS) framework and increases securitisation investment limits for UCITS funds. It also simplifies reporting requirements for private securitisations and strengthens supervisory coordination, including EU-level oversight of independent STS verification entities. The agreement must still be formally adopted by both institutions before entering into force. 

What this means for CEE markets: In a region where bank financing remains particularly important, a more accessible securitisation market could help banks diversify funding and expand lending capacity. The reforms could also create new investment opportunities for pension funds and other institutional investors. However, their impact will depend on market depth, investor demand and whether the revised framework encourages securitisation activity beyond Europe's largest financial centres. 

EU sustainable investments exceed €1.2 trillion as green bond issuance accelerates 

On 20 October, the European Commission published new data on sustainable investment across the EU, alongside the Platform on Sustainable Finance's second report on monitoring capital flows to sustainable investments. The findings show that companies have reported more than €1.2 trillion in EU Taxonomy-aligned investments (CapEx) since 2022, including €313 billion in 2025. Green lending by EU banks reached €1.23 trillion in 2024, representing a 36% annual increase. The European Green Bond Standard is also gaining traction, with approximately €60 billion issued since its application began in December 2024. These developments point to the growing mobilisation of capital towards sustainable economic activities, particularly in energy infrastructure and clean technologies.  

What this means for CEE markets: For Central and Eastern Europe, where financing needs for energy infrastructure, industrial modernisation and decarbonisation remain substantial, the continued development of sustainable investment markets could create additional opportunities to attract long-term institutional capital. At the same time, the Commission's ongoing efforts to simplify the sustainable finance framework will be important in ensuring that reporting and regulatory requirements remain proportionate and support investment rather than create unnecessary complexity. 

Romania: EIB Group and BCR Social Finance expand financing for microenterprises under InvestEU 

On 19 October, the European Investment Bank (EIB) Group announced two financing agreements with BCR Social Finance to improve access to finance for Romania's smallest businesses. Under the first agreement, the EIB will provide a €50 million loan, matched by €50 million from BCR Social Finance, offering €100 million in financing on favourable terms, including reduced interest rates. The funding targets microenterprises with fewer than ten employees and annual turnover or total assets not exceeding €2 million. Separately, an expanded European Investment Fund (EIF) guarantee under InvestEU will make available €100 million to support more than 5,300 microentrepreneurs, particularly in rural areas, alongside an additional €10 million for education and skills development. 

The agreements highlight the role of EU-backed financing in addressing persistent credit gaps among Romania's smallest businesses. By combining EIB lending, EIF guarantees and BCR Social Finance's local expertise, the initiatives aim to reduce financing barriers for underserved entrepreneurs, support business expansion and strengthen financial inclusion. The dedicated education component also extends the partnership's impact beyond business lending, linking access to finance with skills development and longer-term economic opportunities. 

Ukraine: EIB Group unlocks €143 million in financing for war-affected businesses 

On 21 October, the European Investment Bank Group announced a new EU-backed guarantee arrangement with ProCredit Bank Ukraine, expected to unlock up to €143 million in financing for Ukrainian small and medium-sized enterprises. The initiative is designed to support more than 700 businesses affected by Russia's ongoing war, helping them maintain operations, access working capital and finance investment despite difficult economic conditions. By reducing the risks associated with lending, the guarantee enables ProCredit Bank to extend financing to companies that might otherwise struggle to obtain credit. 

The programme underscores the importance of European financial support in sustaining Ukraine's private sector and supporting economic recovery. Businesses continue to face infrastructure damage, disrupted supply chains and elevated financing risks. EU-backed guarantees can help maintain credit flows and encourage lending to productive enterprises despite these challenges. Beyond immediate business resilience, such initiatives can preserve employment and investment capacity while supporting Ukraine's longer-term reconstruction and integration with European markets. 

Romania: Raiffeisen Bank lists RON 750 million bond issue on Bucharest Stock Exchange 

On 16 October, Raiffeisen Bank listed a new RON 750 million bond issue on the regulated market of the Bucharest Stock Exchange (BVB), marking the bank's tenth bond listing on the exchange. The senior unsecured bonds, trading under the symbol RBRO33, mature in August 2033 and carry an initial fixed coupon of 7.538% until 2032. The transaction adds to Raiffeisen Bank's existing capital-market funding instruments and reinforces its presence as a regular issuer on Romania's domestic bond market. 

The listing reflects the gradual development of Romania's corporate bond market and the growing role of capital-market instruments in bank funding. Regular issuance by established financial institutions can improve market liquidity and broaden investment opportunities for institutional investors, including pension funds. A deeper domestic bond market can also support portfolio diversification, strengthen Romania's investment ecosystem and contribute to closer integration with European capital markets. 

Czechia: DOORNITE raises CZK 26.1 million ahead of Prague Stock Exchange debut 

Czech manufacturer DOORNITE completed a public share offering on the Prague Stock Exchange's START Market on 19 October, raising approximately CZK 26.1 million (€1.1 million). According to the Prague Stock Exchange's official announcement, investors subscribed for 65,270 shares at CZK 400 each. Trading was scheduled to begin on 23 October under the ticker DOOR. The START Market is specifically designed to provide smaller and growing companies with access to public equity financing.  

Although modest in size, the offering illustrates the importance of developing alternative financing channels for smaller Czech companies. Across CEE, SMEs remain heavily reliant on bank lending, while access to public equity markets is relatively limited. Dedicated platforms such as Prague's START Market can help diversify funding sources, attract domestic investors and support business expansion, contributing to the development of regional capital markets. 

Lithuania: EIB and CEB provide €110 million to modernise Vilnius public transport 

On 20 October, the European Investment Bank and the Council of Europe Development Bank (CEB) announced a joint €110 million financing package to support the modernisation of public transport in Vilnius. Each institution will provide €55 million to the city's public transport operator, Vilniaus viešasistransportas (VVT), to finance the acquisition of up to 160 zero-emission buses, the installation of 145 charging points and associated infrastructure improvements. The investment forms part of a broader programme to modernise the capital's transport network, reduce emissions and improve the quality and reliability of public services. 

The financing illustrates the role of European development banks in supporting sustainable urban infrastructure across CEE. Public transport modernisation requires substantial upfront investment, making access to long-term financing particularly important for municipalities and operators. By combining resources from international financial institutions, Vilnius can accelerate its transition towards cleaner mobility while improving public services. The project also demonstrates how coordinated infrastructure investment can support energy efficiency, urban competitiveness and decarbonisation. 

Poland, Czechia, Hungary and Slovakia call for more flexible EU energy and industrial policies 

On 19 October, energy ministers from the four Visegrad countries met in Bratislava, alongside European Commissioner for Energy Dan Jørgensen, and signed a joint declaration setting out common priorities for EU energy policy. The ministers called for measures to tackle high energy costs and strengthen industrial competitiveness, including greater flexibility in EU funding and state-aid rules for energy-intensive sectors. They also emphasised the need to diversify energy supplies, expand cross-border infrastructure and simplify the post-2030 energy framework, advocating technological neutrality and equal access to financing for renewable and nuclear energy. 

The Visegrad countries' coordinated position reflects a shared effort to influence EU energy policy by advocating lower industrial energy costs, more flexible funding and state-aid rules, and a technology-neutral approach to the energy transition beyond 2030. The declaration also highlights the importance of aligning decarbonisation objectives with industrial competitiveness and energy security, while recognising the different economic and energy circumstances of Member States. 

• 26–27 October - Agriculture and Fisheries Council, Luxembourg: EU agriculture ministers will discuss the post-2027 Common Agricultural Policy, including a partial negotiating position on the proposed framework, alongside agricultural trade issues. Fisheries ministers will seek agreement on Baltic Sea fishing opportunities for 2027. The discussions will be relevant to agricultural financing, rural development and the future allocation of EU resources across CEE. 

• 27 October - European Commission implementation dialogue on digital finance, Brussels: Commissioner Maria Luís Albuquerque will meet financial-sector stakeholders to discuss the implementation of MiCA and DORA, focusing on opportunities for simplification, proportionality and reducing regulatory burdens. The dialogue will examine the practical experience of financial institutions and crypto-asset service providers, including the calibration of requirements for smaller entities. 

• 28–29 October – ECB monetary policy meeting, Frankfurt: The European Central Bank's Governing Council will hold its monetary policy meeting, with the interest-rate decision and press conference scheduled for 29 October. Markets will watch for signals on inflation, interest rates and financing conditions, with implications for euro-area economies and financial markets across CEE. 

• 29 October - Energy Council, Luxembourg: EU energy ministers will discuss proposed rules on electricity network charges, alongside short- and long-term energy security and possible post-2030 energy targets. The discussions will be particularly relevant for CEE countries facing substantial investment needs in electricity grids, energy infrastructure and industrial modernisation. 

• 29–30 October - EU–Canada summit, Montreal: EU and Canadian leaders are scheduled to meet to discuss bilateral relations and cooperation. The summit will be relevant to transatlantic trade, economic security and investment partnerships, with potential implications for European supply chains and export-oriented industries across CEE. 

What brings Central and Eastern Europeans to the Middle East and North Africa, and how do they build their lives there? On30 October 2026, from 10:00 to 11:30, CEE Perspective’sConversations with Expertswill explore a migration story less often told. From socialist-era exchanges to contemporary careers and business ventures, the discussion will examine the connections between these regions through the experiences of the people who move between them, including how they work, save and invest.

Drawing on the forthcoming book Central and Eastern European Mobilities to the Middle East and North Africa: Histories, Networks, and Migrant Experiences, we will welcome its editor, Professor Katarzyna Górak-Sosnowska, alongside co-authors Egdūnas Račius, Hanna Smaliichuk and Fabio Coriolano. Fellow co-author Cristina Procházková Ilinitchi will moderate the conversation, examining how historical ties and personal choices shape migration and its economic dimensions. Join us online to hear their findings and put your questions to the authors.

• EU Payment Services Package advances towards formal adoption: On 21 October, the Council's draft first-reading texts for the Third Payment Services Directive (PSD3) and Payment Services Regulation (PSR) were made publicly available, marking a further procedural step following the provisional political agreement reached in November 2025. The reforms aim to strengthen fraud prevention and consumer protection, improve transparency and supervision of payment services, and facilitate access to payment account data for open banking providers. The package is progressing through the remaining formal adoption stages, with implications for digital payments, fintech competition and financial integration across CEE. 

• Börse Stuttgart obtains EU licence for blockchain-based securities settlement: On 20 October, Börse Stuttgart Group announced that it had received a DLT Trading and Settlement System licence from Germany's BaFin under the EU DLT Pilot Regime. The authorisation provides the regulatory foundation for Seturion, a pan-European platform designed to facilitate trading and settlement of tokenised securities. The development illustrates the potential of digital market infrastructure to reduce fragmentation and improve cross-border capital-market efficiency. 

• ESMA clarifies exemptions for derivatives risk-reduction services: On 20 October, ESMA published draft technical standards specifying when certain post-trade risk reduction services may qualify for an exemption from mandatory central clearing under EMIR 3. The proposals cover portfolio compression, rebalancing and related risk-management activities, alongside safeguards for service providers. They aim to facilitate more efficient derivatives risk management without undermining clearing requirements. 

• EFRAG consults on sustainability reporting priorities for 2027–2029: EFRAG has launched a public consultation on its future sustainability reporting agenda, covering implementation support, voluntary reporting, digital tools and interoperability with international standards. The consultation reflects the evolving reporting framework following Omnibus I and could influence the availability and comparability of corporate sustainability information used by investors. Stakeholders can respond until 15 February 2027. 

• ESMA proposes changes to collateral and investment rules for clearing houses: ESMA published a final report on 19 October setting out proposed changes to the treatment of public and bank guarantees as collateral at central counterparties (CCPs), alongside adjustments to CCP investment policies. The measures seek to ease liquidity pressures, particularly in energy and commodity markets, while maintaining safeguards against credit and concentration risks. 

• ISSB consults on nature-related financial disclosures: The International Sustainability Standards Board (ISSB) has launched a consultation on proposals to improve the consistency and comparability of nature-related financial information reported by companies. The initiative could help investors better assess companies' exposure to nature-related risks and dependencies, while contributing to the development of international sustainability reporting practices. The consultation remains open until 19 February 2027.