In the intricate game of international finance, where every decision can cause waves globally, the introduction of SOFR was less a pebble in a pond and more like an iceberg hitting the Titanic. Here's the irony: SOFR was meant to be the solution. Designed to be a more transparent and stable benchmark than LIBOR, it was hailed as the future. But every solution has its problems.

With the dominance of SOFR, US banks ceased their under-the-table subsidies to their European counterparts. While it might seem like just balance sheet adjustments, the reality is a seismic disruption in the Eurozone's banking ecosystem.

For European banks, it's like the plug on their life support was pulled. Now, navigating a post-SOFR world is the challenge. With LIBOR fading into oblivion, the Eurozone banking system must redefine its identity, sans subsidies.