Agents, file storage and batch jobs are outside Mistral's new European guarantee. Those three are what a company reaches for when it wants AI to do work rather than answer one question, and each of them keeps data after the request ends, which is why they are excluded. Mistral calls such features "stateful".
Mistral charges 10% extra to keep requests inside Europe, and 75% extra for priority processing when the service is busy. The 10% covers the compute step: the model reads the request in Europe and answers there.
For a bank or an insurer, the difference between European hosting and a covered service is a contract term. The EU's operational resilience rules for financial firms, known as DORA, require the contract with a technology supplier to name the regions or countries where the service is provided and where data is processed, including where it is stored, and to require advance notice before the supplier changes any of those locations. Article 30 applies the same words to subcontracted work.
Reading Mistral's documentation, the site The Decoder found that account settings, API keys, billing records and usage statistics can still be processed outside the chosen region, and that Mistral's announcement mentions limited, secured transfers to subcontractors outside it.