EU Carbon Market Reform: The European Commission has unveiled a major overhaul of the EU Emissions Trading System, proposing a slower tightening of emissions limits from 2031 and extending free allowance support longer than planned, but tied to companies’ climate investment plans; critics warn it could weaken the system and endanger EU targets, while the Commission also set a new goal for electricity to reach 46% of energy consumption by 2040 (up from 23%), projecting €260bn less annual spending on imported fossil fuels. Swiss Banking Oversight: Three years after Credit Suisse’s collapse, Switzerland is pushing to strengthen FINMA’s powers, including the ability to fine and publicly name banks that break rules, but resistance is already emerging in parliament amid long-running debates over how much federal regulation the banking sector needs. Liechtenstein Link in EU Policy: The EU ETS reform matters for Liechtenstein because the ETS applies across the EU plus Iceland, Liechtenstein and Norway, and is linked to Switzerland’s ETS—so changes ripple through the region’s carbon pricing. US Travel and Ideology: The US State Department announced a new ban on “far-left” travelers, framed as part of a broader Trump-era security push to restrict entry tied to anti-fascist/left-wing activism. US Diplomacy in Switzerland/Principality: US diplomat Yuriy R. Fedkiw took over as Consul General in Mumbai, previously serving in Bern overseeing relations with Switzerland and Liechtenstein. Trade Diplomacy: New Zealand’s trade minister Todd McClay discussed tariff uncertainty and next steps toward trade talks, with Liechtenstein listed among the FIT Partnership countries.