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Semiconductor Manufacturing International (SEHK:981) has released its fourth quarter 2025 earnings together with fresh first quarter 2026 guidance, giving investors new revenue, profit and margin markers to evaluate the Hong Kong listed foundry.

See our latest analysis for Semiconductor Manufacturing International.

After the fourth quarter figures and first quarter 2026 guidance, the recent 4.07% 7 day share price return and 0.79% 1 day move contrast with a 9.05% 1 month share price decline. At the same time, the 1 year total shareholder return of 54.45% and roughly 3x 3 year total shareholder return indicate that longer term momentum has been strong despite the softer year to date share price return of 6.32%.

If earnings news around chipmakers has your attention, it could be worth broadening your watchlist with 34 AI infrastructure stocks as another way to find potential beneficiaries of demand for compute capacity.

So with revenue expected to be flat next quarter and the share price pulling back over the past month, is Semiconductor Manufacturing International now trading below what its recent earnings justify, or is the market already counting on future growth?

With Semiconductor Manufacturing International last closing at HK$70.35 against a narrative fair value of HK$74.69, the widely followed view is that the current price sits below what the long term assumptions support.

The analysts have a consensus price target of HK$49.742 for Semiconductor Manufacturing International based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of HK$68.0, and the most bearish reporting a price target of just HK$20.0.

Read the complete narrative.

Want to know what is sitting behind a higher fair value than that consensus target? The narrative leans on steady top line expansion, thicker margins and a rich future earnings multiple. Curious which specific growth and profitability assumptions have to line up for HK$74.69 to make sense?

Result: Fair Value of HK$74.69 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, the narrative also flags risks, including reliance on Chinese demand and margin pressure from pricing and heavy capital spending, which could challenge those fair value assumptions.

Find out about the key risks to this Semiconductor Manufacturing International narrative.

The fair value narrative suggests Semiconductor Manufacturing International is 5.8% undervalued at HK$74.69, but the current P/E of 116.1x tells a tougher story. That is much higher than the Asian semiconductor industry at 42.9x, peers at 32.8x, and above a fair ratio of 44.3x.

In practice, that means a lot of optimism is already priced in, so any slip in earnings or sentiment could matter more for the share price. Do you see this as justified confidence, or valuation risk that leaves less room for error?

See what the numbers say about this price — find out in our valuation breakdown.

If parts of this story do not quite line up with your own view, or you prefer to test the assumptions yourself, you can build a custom narrative in just a few minutes and Do it your way.

A great starting point for your Semiconductor Manufacturing International research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.

If Semiconductor Manufacturing International is on your radar, do not stop there. Use the screener to quickly spot other ideas that fit what you are looking for.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include 0981.HK.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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• Arista Networks (NYSE:ANET) reported record annual financial results for 2025, supported by rising demand tied to AI networking.

• The company raised its 2026 revenue outlook and highlighted a significant contribution from AI related revenues.

• Management pointed to strong international growth as a key factor in the full year performance.

• Arista introduced new networking solutions and expanded its product set aimed at AI and cloud infrastructure workloads.

For you as an investor, the headline is that Arista Networks, a data center and cloud networking specialist, is leaning into the build out of AI and cloud infrastructure. The 2025 record results and higher 2026 revenue outlook are tied directly to this demand, along with broader international uptake of its products. The new offerings focused on generative AI and cloud workloads signal where the company is concentrating its effort.

The key question is whether Arista can sustain interest in its AI focused portfolio as customers scale out networking for larger workloads. You may want to watch how AI related revenues and international sales mix evolve relative to the rest of the business, because those areas now sit at the center of its growth story.

Stay updated on the most important news stories for Arista Networks by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Arista Networks.

We’ve flagged 1 risk for Arista Networks. See which could impact your investment.

For you, the key takeaway is how tightly Arista’s new products are tied to the financial story. In 2025, revenue was US$9.0b compared to US$7.0b a year earlier, with net income of US$3.5b compared to US$2.9b. That performance sits alongside a heavier focus on AI data center and campus networking, including new platforms for high speed switching, AI specific load balancing, and network observability. The 2026 first quarter revenue outlook of about US$2.6b suggests Arista expects that demand for these AI and cloud infrastructure offerings to remain important to its sales mix.

• The strong 2025 results and higher 2026 outlook align with the narrative that AI and cloud workloads are expanding the addressable market for Arista’s Ethernet based networking platforms.

• Heavy reliance on large hyperscale customers, where one or two clients may each contribute over 10% of revenue, still echoes a narrative risk around customer concentration and potential revenue volatility.

• The launch of new campus, SD WAN, and observability products, plus acquisitions like VeloCloud, extends Arista further into enterprise use cases, which is only partly reflected in the original focus on AI data center build outs.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Arista Networks to help decide what it’s worth to you.

• ⚠️ Dependence on a small group of large cloud and AI customers means order timing or spending shifts at a few firms could have an outsized effect on Arista’s revenue path.

• ⚠️ Competition from Cisco, NVIDIA and others in AI networking, plus supply chain factors such as memory costs, could influence pricing, margins, and product availability.

• 🎁 Record 2025 revenue and net income, along with guidance for roughly US$2.6b in first quarter 2026 revenue, highlight how AI networking and international growth are contributing to scale.

• 🎁 Expanded offerings in AI focused switches, load balancing, SD WAN, and observability tools create more ways to participate in AI and cloud-related network spending across data center and enterprise environments.

From here, you may want to watch how much of Arista’s sales are tied to AI networking and whether that share keeps rising as the new product lines mature. It is also worth tracking updates on customer concentration, especially any new clients that approach 10% of revenue, and how margins hold up if memory or component costs stay elevated. Competitive responses from Cisco, NVIDIA and other networking vendors will help you judge whether Arista can keep its current positioning in high performance AI and cloud infrastructure.

To ensure you’re always in the loop on how the latest news impacts the investment narrative for Arista Networks, head to the community page for Arista Networks to never miss an update on the top community narratives.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ANET.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Philip Morris International (PM) shares are back in focus after the company reported fourth quarter and full year 2025 results, shifting from a prior year loss to a profit and spotlighting smoke free products.

See our latest analysis for Philip Morris International.

The earnings rebound and focus on smoke free products have come alongside a strong share price run, with a 30 day share price return of 9.6% and a 1 year total shareholder return of 29.03%. This suggests positive momentum that is also visible in the 3 year and 5 year total shareholder returns of 111.40% and 179.50% respectively, despite a 0.76% share price pullback on the latest trading day to US$187.51.

If this kind of long term compounding has your attention, it could be a good moment to broaden your search and check out our screener of 23 top founder-led companies.

Given the recent profit rebound, the smoke-free growth story, and a share price sitting close to analyst targets yet still screening at around a 12% intrinsic discount, is there still a buying opportunity here, or is the market already pricing in the future?

Philip Morris International’s widely followed fair value estimate of about $180.38 sits a little below the last close at $187.51, which is a useful reference point for how the market is currently treating the stock.

Scale advantages, a broadening product portfolio, and an expanding IP moat in reduced-risk products are driving margin expansion. Smoke-free margins already surpass combustibles by over 4.5 percentage points, and as the mix continues to shift, this is expected to further increase overall net margins and free cash flow.

Read the complete narrative.

Curious what sits behind that confidence in higher margins and cash flows, even with slower growth assumptions baked in and a lower future earnings multiple? The narrative leans heavily on specific revenue trajectories, profitability targets, and a discount rate that together still point to a premium earnings profile. If you want to see exactly how those moving parts add up to a fair value around $180 per share, the full breakdown is worth a closer look.

Result: Fair Value of $180.38 (OVERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, there are still pressure points, including potential new taxes on products like ZYN and the ongoing structural decline in cigarette volumes, that could challenge this upbeat fair value story.

Find out about the key risks to this Philip Morris International narrative.

While the popular narrative tags Philip Morris International as about 4% overvalued around $187.51 versus a fair value near $180.38, our DCF model comes to a different conclusion. It indicates the shares are trading at roughly a 12.3% discount to an estimated future cash flow value of $213.73. Which signal do you trust more: price targets or cash flows?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Philip Morris International for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 53 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

If you see the numbers differently, or simply prefer to test your own assumptions against the data, you can build a customized view in just a few minutes, then Do it your way.

A great starting point for your Philip Morris International research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

If Philip Morris International is on your radar, do not stop there, the broader market holds plenty of other opportunities worth putting on your watchlist today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include PM.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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• Align Technology and the University of Bern are launching Switzerland’s first nationwide oral health study.

• The project uses diagnostic tools such as Align’s iTero Lumina scanner together with mobile dental vans to collect data across the country.

• The study focuses on broad, representative screening to support public dental health research and policy.

For investors watching NasdaqGS:ALGN, this move ties the company’s dental technology directly to a large real world research program, which can matter for brand strength with clinicians and policymakers. Shares recently closed at $186.77, with year to date returns of 19.7% and a 30 day return of 10.4%, although the stock shows a 1 year decline of 9.7% and a 3 year decline of 41.0%.

The collaboration also shows how Align Technology is positioning its scanning systems as core infrastructure for population level oral health work, not just in clinic workflows. If you follow the stock, this kind of long horizon project is worth tracking for what it may reveal about product adoption, data capabilities, and future partnerships in public health settings.

Stay updated on the most important news stories for Align Technology by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Align Technology.

📰 Beyond the headline: 0 risks and 2 things going right for Align Technology that every investor should see.

This oral health study ties directly into Align Technology’s push to make its iTero Lumina scanner and Oral Health Suite part of everyday clinical workflows, not just orthodontic treatments. By embedding its hardware and software into a nationwide research program, Align is effectively turning public health infrastructure into a live showcase for its digital tools. That can matter for long-term equipment demand, especially if dentists and public authorities come to see intraoral scanning as a standard for screenings. The project also supports Align’s data and software angle, since large quantities of real world scans can feed product refinement and future AI-powered diagnostics. At the same time, this is a long-horizon initiative that will not change the company’s guidance by itself, so investors may want to weigh it alongside the more immediate earnings, revenue guidance for 2026, and ongoing share buybacks.

• The study uses iTero Lumina scanners and Align Oral Health Suite, which lines up with the narrative that digital workflow adoption and international expansion support future growth and differentiation.

• The focus on preventive screenings and public health programs speaks more to long-term ecosystem building than near term clear aligner volumes, which may not resolve concerns about demand visibility and mix pressure raised in the narrative.

• The large-scale data set from Swiss patients and the mobile van model are not fully covered in the narrative but could be relevant for future AI-driven treatment planning and broader adoption by general practitioners.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Align Technology to help decide what it is worth to you.

• ⚠️ The Swiss study is primarily a research and public health effort, so the financial payoff and timing for Align’s scanners and software are uncertain and may be limited compared to commercial deployments.

• ⚠️ If dentists and public health bodies adopt intraoral scanning broadly, competitors such as Dentsply Sirona and 3M could push their own solutions into similar programs, which may dilute Align’s technology lead.

• 🎁 Embedding iTero Lumina and the Oral Health Suite into a national study could deepen relationships with clinicians, universities, and policymakers, potentially supporting equipment uptake and future collaborations.

• 🎁 The large pool of scans and follow ups may strengthen Align’s data and software capabilities, helping refine diagnostic tools and treatment planning in ways that are harder for smaller rivals to replicate.

You may want to watch how often iTero Lumina scanners end up being used beyond the study, such as in routine Swiss dental practices that participated. Any commentary from management on clinician feedback, new public health projects, or similar partnerships in other countries can help you judge whether this is a one off initiative or a template for future growth. It is also worth tracking how Align balances this kind of ecosystem investment with its revenue guidance for 2026, clear aligner volumes, and the profitability impact of its broader digital workflow investments.

To ensure you are always in the loop on how the latest news impacts the investment narrative for Align Technology, head to the community page for Align Technology to stay updated on the top community narratives.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ALGN.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

The beer-maker BrewDog could be broken up after consultants were called in to help find new investors.

The Scotland-based brewer, which makes craft beer such as Punk IPA and Elvis Juice, has appointed consultants AlixPartners to oversee the sale process.

BrewDog last month announced it was closing its distilling brands, prompting concerns for jobs at its facility in Ellon, Aberdeenshire.

The company, which was founded in 2007 by friends James Watt and Martin Dickie, said it made the decision to focus on its beer products.

No decision has been made in respect of the sale process.

A spokesperson for BrewDog said: “As with many businesses operating in a challenging economic climate and facing sustained macro headwinds, we regularly review our options with a focus on the long-term strength and sustainability of the company.

“Following a year of decisive action in 2025, which saw a focus on costs and operating efficiencies, we have appointed AlixPartners to support a structured and competitive process to evaluate the next phase of investment for the business.

“This is a deliberate and disciplined step with a focus on strengthening the long-term future of the BrewDog brand and its operations.”
The spokesperson added: “BrewDog remains a global pioneer in craft beer: a world-class consumer brand, the No 1 independent brewer in the UK and with a highly engaged global community.

“We believe that this combination will attract substantial interest, though no final decisions have been made.

“Our breweries, bars, and venues continue to operate as normal. We will not comment on any further speculation.”

The company announced job cuts across the business in October last year after posting a £37m loss.

BrewDog operates 72 bars around the world, as well as four breweries.

The firm employs about 1,400 people and has breweries in Ellon, as well as in the US, Australia and Germany.

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• Amphenol (NYSE:APH) has appointed CEO R. Adam Norwitt to also serve as Chairman in an upcoming board transition.

• Longstanding Chairman Martin H. Loeffler will retire from the board after more than five decades with the company.

• The change represents a planned shift in leadership at the top of Amphenol’s corporate governance structure.

Amphenol, a major supplier of interconnect and sensor solutions to sectors such as communications, automotive, industrial, aerospace and defense, is pairing this leadership change with its established business model built around electronic components. Investors watching the broader electronics and connectivity space often pay close attention to boardroom moves like this, since they can influence how a company responds to technology cycles and customer needs over time.

For you as a shareholder or potential investor, the combination of CEO and Chairman roles at Amphenol (NYSE:APH) points to an emphasis on continuity, with an existing leader taking on broader oversight. It may be worth tracking how the board discusses governance, succession planning and long term priorities following this transition, as these elements can shape risk management, capital allocation and the company’s overall culture.

Stay updated on the most important news stories for Amphenol by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Amphenol.

Does the team leading Amphenol have what it takes? See our full breakdown of the management team’s track record and compensation.

The leadership reshuffle at Amphenol sits alongside a board that is continuing to make capital allocation decisions, such as affirming a first quarter 2026 dividend of $0.25 per share. With R. Adam Norwitt set to hold both the CEO and Chairman titles and long time leader Martin H. Loeffler stepping down after more than five decades, you are effectively seeing a handoff that keeps the existing operating playbook in place while slightly concentrating oversight. For a company with large overseas exposure, a history of acquisitions, and an active role in AI related connectivity, the key question is how this combined role shapes board level challenge on topics like deal discipline, global risk, and cash returns to shareholders.

• The appointment of Norwitt as Chairman could support the narrative of sustained growth in AI driven data center and connectivity demand by keeping leadership closely aligned with customers and ongoing acquisitions.

• Having the CEO also chair the board may challenge the narrative’s focus on managing acquisition and execution risks, as it can reduce the structural separation between those setting strategy and those overseeing it.

• The planned transition, coupled with the continued role of a Lead Independent Director, may not be fully reflected in the narrative’s discussion of governance, even though it can influence how future growth, capital spending, and M&A decisions are evaluated.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Amphenol to help decide what it’s worth to you.

• ⚠️ CEO and Chairman roles held by the same person can reduce the board’s structural independence when reviewing acquisitions, global expansion, and executive performance.

• ⚠️ Leadership concentration during a period of ongoing M&A and large global exposure means any missteps in integration or overseas markets could be harder to challenge at board level.

• 🎁 Continuity at the top may support consistent execution across AI related IT datacom, automotive, industrial, and aerospace and defense end markets, where competitors like TE Connectivity and Molex also compete.

• 🎁 The presence of a Lead Independent Director, David P. Falck, gives investors a defined point of independent oversight during and after the transition.

From here, watch how the board describes its governance approach once Norwitt becomes Chairman, especially around succession planning, acquisition review, and capital return policies such as dividends and buybacks. Any updates on the integration of large deals, including the pending CommScope Connectivity and Cable Solutions acquisition, and how the board oversees those projects, will be important. You might also track disclosures around overseas revenue exposure and geopolitical risks, given Amphenol’s sizeable international footprint. Finally, compare Amphenol’s board structure and communication with peers like TE Connectivity and Molex to judge whether the combined CEO and Chairman role is matched by strong independent oversight.

To ensure you’re always in the loop on how the latest news impacts the investment narrative for Amphenol, head to the community page for Amphenol to never miss an update on the top community narratives.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include APH.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Elon Musk’s social media platform X is set to soon let users trade stocks and cryptocurrencies directly from their timelines as the company pushes deeper into financial services.

The upcoming features, described by the company’s head of product, Nikita Bier, will include “Smart Cashtags.” These will allow users to interact with ticker symbols in posts and execute trades from the app.

The announcement comes as the company prepares to launch an external beta of X Money, its in-house payments system. Musk said the tool is already live in internal testing and will be available to a limited group of users within one to two months.

The idea is to make X a one-stop platform where users can message, post, send money and invest, a version of Musk’s “everything app” vision.

He’s compared the rollout of financial tools like X Money to adding banking services inside the app, saying users could eventually manage most of their daily digital activity without leaving the platform.

Elon Musk’s companies have been involved with crypto in the past. His electric car maker Tesla owns 11,509 bitcoin on its balance sheet, down from an initial investment of 42,300 made in early 2021. SpaceX currently controls around 8,285 BTC.

Over the years Musk has also shown support for the meme-inspired cryptocurrency dogecoin. In 2022, he said SpaceX would accept DOGE for some merchanside, echoing an earlier move from Tesla. Earlier this month, Musk said he may put DOGE “on the moon.”

Opening remarks by Christine Lagarde, President of the ECB, at a roundtable discussion on “Chain Reaction: Navigating Geoeconomic Shifts and Dependencies” at the Munich Security Conference, Germany

Munich, 14 February 2026

It is a mark of how much our world has changed that a central banker speaks at the Munich Security Conference on supply chains.

A decade ago, this would have seemed like a category error. Today, everyone in this room recognises that trade is as much a security issue as an economic one.

Economic interdependence has deepened substantially in recent decades, creating intricate webs of cross-border trade flows. Where this was once seen as a source of stability, it is now a source of vulnerability: to global disruptions like the pandemic and to deliberate weaponisation of dependencies.

Eurosystem staff have mapped products that are hard to diversify and difficult to substitute – and we can stress test the implications of suddenly cutting off supply.

Our analysis suggests that a sudden 50% drop in supply from geopolitically distant suppliers would reduce manufacturing value added by 2-3% – with the impact concentrated in electrical equipment, chemicals and electronics.^[1]

This shift matters profoundly for Europe. We are the most open of the major economies. Now we must make the transition to strategic autonomy.

But what does that actually mean?

We hear many terms – reshoring, friendshoring, coalitions of the willing – but they distill into three distinct strategies:

• Independence: rebuilding supply chains at home in critical technologies and inputs to reduce dependence.
• Indispensability: building strengths in critical “indispensable” areas of those supply chains.
• Diversification: spreading supply chains across partners so that no single disruption can paralyse our economy.

Each strategy is legitimate. But they are not the same – and without clarity, they can work at cross purposes.

If we pursue independence in sectors where we are lagging far behind, we risk imposing costs that erode competitiveness downstream.

For example, pursuing full autonomy in chip making could produce what one study calls “hollow champions” – firms unable to compete globally, supplying substandard technology to industries that are themselves strategic.^[2]

Yet relying solely on trade – even within alliances – also carries risks. Trusted partners do not always remain so.

In some critical sectors, we need to build domestic capacity, even when it is temporarily more expensive. In 2023, the US conducted 114 orbital launches. Europe conducted three.^[3]

Broad-brush strategies will not work. They may create unnecessary costs or miss real chokepoints. We need a targeted approach: understanding our strengths and weaknesses at a granular level, and evaluating costs and benefits.^[4]

What does this mean from the ECB’s perspective? Let me focus on one key initiative.

The ECB needs to be prepared for a more volatile environment. As industrial policy becomes more assertive, geopolitical tensions rise and supply chains are disrupted, financial market stress is likely to become more frequent.

We must avoid a situation where that stress triggers fire sales of euro-denominated securities in global funding markets, which could hamper the transmission of our monetary policy. And this means we have to give partners who want to transact in euros the confidence that euro liquidity will be available if they need it.

That is why, last week, the Governing Council decided to expand our EUREP facility – our standing facility that offers euro liquidity against high-quality collateral.

This expanded facility provides permanence: central banks outside the euro area can now rely on continuous access to liquidity in euros, not just temporary lines.

It extends scope: we move from a regional to a global perimeter. Any central bank that meets basic criteria can request access, with flexibility on usage.

And it ensures agility: access is granted by default unless there is a reason to restrict it, speeding up the provision of liquidity.

This facility also reinforces the role of the euro. The availability of a lender of last resort for central banks worldwide boosts confidence to invest, borrow and trade in euros, knowing that access will be there during market disruptions.

In a world where supply chain dependencies have become security vulnerabilities, Europe must be a source of stability – for ourselves and for our partners.

That, too, is part of European security. And that is how the ECB plays its part.