Brussels Edition: Bringing the economy back to life

Follow Us Get the newsletter Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. With the EU officially on track for its worst recession in history, finance ministers will hold yet another virtual meeting today — this time to agree on the terms of emergency credit lines from the euro-area bailout fund. But the ministers will have to wait a bit longer for the most meaningful part of the EU's response: a long-anticipated recovery fund to help economies get back on their feet. The Commission, which has the unenviable task of drafting the plan, is unlikely to unveil its proposal next week, we're told, a perilous delay as the diverging fates of the region's North and South risk undermining the integrity of the currency union.  — Viktoria Dendrinou What's Happening Virus Update | EU countries continue to move toward easing restrictions as the economic pain from the fallout of the coronavirus intensifies. France will start rolling back lockdown measures, joining the likes of Germany and the Netherlands while Italy is considering speeding up an exit from its lockdown after reporting a decline in daily fatalities and a slight dip in new infections. Here's the latest. Irish Spat | A row over the U.K.'s refusal to allow the EU to open an office in Northern Ireland may look trivial. But it's a reminder that one of the thorniest issues of Brexit — how to keep the Irish border free of checkpoints — remains unresolved and could undermine the chances of a trade deal this year. ECB Foes | The men who successfully challenged the ECB's asset purchase program are readying for their next target: the bank's response to the coronavirus. Even if they go ahead, however, such a case is expected to take years and any final ruling would likely come only after the end of the pandemic.  Launder Steps | The Commission said it will propose setting up a common authority to fight money laundering early next year, following a string of revelations that exposed fundamental flaws in the bloc's framework. Still, key details remain to be determined, not least on the exact role of this body and what kind of companies it should oversee.  In Case You Missed It Spying Trouble | The Paris metro authority is testing CCTV software to detect whether travelers are wearing face masks, as the city seeks to end a lockdown and help prevent the virus's spread. But the move has already hit a snag, raising concerns from the government's privacy watchdog. Good Faith | Italian Prime Minister Giuseppe Conte, under fire from coalition allies and business leaders for his cautious easing of the nationwide lockdown, is at least back in favor with the Catholic church after allowing Mass and other celebrations to resume. His decision followed a rare public attack by bishops. Taking Back | Sweden has had enough of companies flouting its guidance and plans to claw back state support given to firms that paid dividends to investors. The crackdown comes after repeated pleas to show restraint went unheeded by some of Sweden's biggest companies, who argued it's a matter for boards and not politicians to decide. Trading Drugs | From the opium harvest in Afghanistan to cocaine output in Colombia, the pandemic is disrupting the illicit drug trade through increased border controls, reduced air traffic and supply shortages. The outbreak's economic fallout, however, may lead to more people getting involved in the business, a report warned. Chart of the Day The ECB reached its goal for the number of women occupying senior management positions by the end of last year, though it missed its target for all managers. The central bank's annual report yesterday showed 30.8% of senior managers were female, compared with an aim of 28%. The figure for all managers was 30.3%, falling short of the desired 35%. Today's Agenda All times CET. 10 a.m. European University Institute holds its State of the Union Conference online, speakers include Italy's Conte, ECB's Christine Lagarde, IMF Managing Director Kristalina Georgieva, Council President Charles Michel and Economic Affairs Commissioner Paolo Gentiloni 3 p.m. Video conference of EU finance ministers Like the Brussels Edition? Don't keep it to yourself. Colleagues and friends can sign up here. We also publish the Brexit Bulletin, a daily briefing on the latest on the U.K.'s departure from the EU.  For even more: Subscribe to Bloomberg All Access for full global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. How are we doing?  We want to hear what you think about this newsletter. Let our Brussels bureau chief know.   Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more.   You received this message because you are subscribed to Bloomberg's Brussels Edition newsletter. Unsubscribe | Bloomberg.com | Contact Us Bloomberg L.P. 731 Lexington, New York, NY, 10022