EuroFinance

In Budapest today, under cold skies, more than 2,000 treasury professionals gathered for the 34th EuroFinance International Treasury Management conference.

The conference opened with a keynote address from José Manuel Barroso, former Prime Minister of Portugal and former President of the European Commission. His remarks set a geopolitical frame for the days ahead, pointing to the increasingly volatile global environment in which businesses now operate. From war and fragmentation to political unpredictability and ideological polarisation, the new normal for international decision-makers is persistent uncertainty.

Particular attention was given to the transformation of democratic politics and the disruption of conventional diplomacy. The shift is not only in policy but also in the language, rhythm, and theatre of leadership and this is being felt in boardrooms, trade negotiations, and capital markets alike.

Also read: EuroFinance Deep Dive: Tariffs

From policy to practice

The keynote was followed by a focused session titled Trade-offs: managing uncertainty amid tariff chaos. Here, attention shifted from politics to practice. The conversation turned to the operational realities of fragmented trade regimes, renewed tariff threats, and shifting supply chains. Treasury teams are being called upon to navigate not only financial volatility but also policy-induced disruptions that were once the concern of diplomats and trade negotiators.

With multilateral agreements giving way to bilateral bargaining and regional protectionism, traditional forecasting models are proving insufficient. Treasurers are adapting by building greater flexibility into their structures, localising liquidity strategies, and reassessing exposure in key markets. The session highlighted how strategic treasury management is evolving from a reactive function to a forward-leaning capability central to corporate resilience.

On the ground Insights

According to conversations on the ground, led by Paul Nicholson, senior conference producer at EuroFinance, the mood among treasury leaders reflects the gravity of the global moment. Europe, he noted, is not merely observing conflict on its periphery but is effectively engaged in a form of hybrid warfare with Russia.

Nicholson also added that the discussions around tariffs and global fragmentation have reignited interest in “de-dollarisation.” De-dollarisation remains more myth than movement. The US dollar’s dominance in global finance isn’t going anywhere, at least not anytime soon, he added.

Treasury talks: APIs, AI, and automation

Technology was front and centre throughout the day, with treasurers continuing to weigh the opportunities and limitations of automation. APIs, in particular, are widely seen as enablers of efficiency facilitating interoperability, reducing manual processes, and improving data flow between systems.

Yet adoption remains uneven. In live polling, 48% of respondents cited lack of time and resources as the biggest barrier to API implementation, followed by 25% who said convincing internal stakeholders remains a challenge. Concerns over inconsistent standards and system compatibility also persist, especially when full integration with ERP or TMS platforms still leaves gaps that require manual fixes.

Also read: APIs are quietly transforming how treasurers tackle the liquidity squeeze

AI, too, drew significant attention. According to Nicholson, Europe is entering a decisive phase in adopting AI-driven treasury tools. In a poll asking which use cases are best suited for AI, cash flow forecasting led with 38%, followed by process automation at 32%. However, adoption remains nascent.

Yet despite growing interest, most firms are still early in their journey. While 55% said their organisations are not yet using AI for cash forecasting, 30% reported they are in the discovery phase. 

Also read: “AI is not replacing us”: why treasurers are embracing AI on their own terms

Stablecoins on the radar

Stablecoins also emerged as a fast-developing theme. Nicholson noted that a “stablecoin tsunami” is coming.

Stablecoins are still in search of regulatory clarity, but the environment is evolving. President Donald Trump recently signed the GENIUS Act into law on July 18th, aiming to regulate stablecoin issuance, investor protection, and market stability.

According to the press release from the White House, the GENIUS Act will play a key role in attracting more digital asset activity to the country by providing clear rules and promoting responsible innovation in the stablecoin market.

Yet, central banks are likely to limit stablecoin use to preserve control over liquidity and ensure access to cash and equivalents needed to support currency reserves, Nicholson added. 

Also read: Are stablecoins really reducing friction in payments?

Top of mind: FX volatility

Given ongoing geopolitical tensions and rapid macroeconomic shifts, one theme emerged with striking clarity: foreign exchange volatility is now viewed as the top treasury risk. In a live poll asking, Where is your highest treasury risk exposure? an overwhelming 100% of respondents pointed to FX volatility underscoring how currency fluctuations have become the most urgent and universal concern across treasury functions.

Also read: ‘What problem are we solving?’—a treasurer’s most powerful FX question

Shazam’s journey

The day wrapped up with insights from Dhiraj Mukherjee, Co-founder of Shazam.

When Shazam launched in 2000, digital music databases didn’t exist so one had to be built from scratch. Every CD in the UK was manually recorded, with song titles typed and cover art scanned.

Then came the App Store. With smartphones, Shazam reached millions. What started as a risky idea became a global platform used over a billion times, and here to stay.

Celebrating treasury excellence

What a day and what a way to end it. The first day closed on a celebratory note with the EuroFinance Treasury Excellence Awards. In an era of market disruption, regulatory change, and strategic pressure, these awards honour treasury teams and individuals who have not only adapted but led.

The 2025 awards recognised excellence across five key categories:
Cash champion
Risk & resilience
Financing & liquidity
Technology transformation
Rising Star

These winners exemplify how treasury, at its best, is both a stabiliser and a driver of innovation—delivering real value in increasingly uncertain times.

See you on day 2.

Also read: Winners announced for the EuroFinance Treasury Excellence Awards 2025