Germany Energy Security: Germany plans a strategic gas reserve equal to 10% of storage capacity, to be filled in 2027-28, costing about €1.5bn to set up and up to €310m a year to maintain, funded via consumer levies—projected to add roughly €42 annually to household energy bills. Tax Fraud Crackdown: The German government is moving to tighten the fight against tax fraud and money laundering, targeting an extra €1bn in revenue in 2027 via a 26-point action plan and a new joint center approach. Renewables Policy Risk: Germany’s solar industry warns that draft changes to the Renewable Energy Act and grid rules could end support for small solar systems from 2027 after only a 36-month payment window, pushing households toward fossil power and threatening tens of thousands of jobs. EU Carbon Rules Pressure: Salzgitter CEO Gunnar Groebler criticises the European Commission’s proposed ETS reform for potentially undermining green-steel investment and penalising early movers. Aviation Finance Stress: Latvia is in talks with a strategic investor for struggling airBaltic ahead of an August 3 bondholder financing meeting, aiming to avoid default while keeping Riga as the hub. Digital Assets Regulation (US): US lawmakers renewed momentum for the CLARITY Act to create a clearer crypto framework split between the SEC and CFTC, shifting away from enforcement-led regulation. Crypto/Payments (EU): The ECB digital euro pilot continues to expand, with 36 payment service providers selected for trials starting next year.