| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Even as the EU operates in crisis mode, scrambling to protect members from the pandemic, there's at least one policy area where it's forging ahead: an ambitious agenda to become climate-neutral by 2050. Today, the bloc will unveil its "Farm to Fork" strategy to reduce the environmental footprint of farming and food production. But while the EU is keen to make green policy a central part of an economic recovery, the overhaul could become politically sensitive, with farmers and food producers wary of stricter rules that might undermine business in a recession. — Viktoria Dendrinou and Ewa Krukowska What's Happening Eastern Drought | The drought scorching Eastern Europe is devastating harvests and exacerbating the steep economic downturn. Crucially, it's also raising questions of supply security in a region with painful memories of both food shortages under totalitarian regimes and the more recent scramble for medicine and protective gear to fight against the coronavirus. Economic Advice | With the EU's fiscal rules essentially suspended, the bloc's annual economic recommendations today will be vastly different. While normally an occasion for Brussels to prod countries to reduce their deficits and debts, this time round the Commission will seek to advise them on how to rebound from the unprecedented recession and operate in the new high-deficit reality. Roadblocks Ahead | Less than 24 hours after Angela Merkel and Emmanuel Macron laid out a radical plan for the EU to collectively finance its response to a virus-induced recession, countries already expressed disapproval. Their skepticism highlights the uphill battle Brussels, Paris and Berlin will face in convincing the rest of the bloc to back their nascent proposal. But at least they can count on support from Frankfurt. Creepy Tech | As Europeans head back to work, they're entering a world very different from the one they left, with the virus opening doors to surveillance and monitoring technologies that many fear are here to stay. While such technologies have been creeping into people's lives across the globe, the trend runs up against Europe's much-vaunted privacy. In Case You Missed It Turning Nasty | Even virtual meetings can get heated. European negotiators were on the receiving end of some harsh words from the U.K.'s chief Brexit negotiator, David Frost, who complained the bloc is treating Britain as "unworthy" of a fair deal and recommended his EU counterpart, Michel Barnier "think again." There might not be much time for that, with the next round of talks set to resume early next month.
Trade Risks | The U.K. announced a post-Brexit tariffs regime, cutting import duties on many products while protecting industries such as automotive and agriculture. The plan is key to Britain's effort to reposition its economy for global commerce but also highlights the risk for the U.K. if it doesn't finalize a trade agreement with the EU by yearend. Some Optimism | Investors are growing more confident that the German economy will recover from its worst postwar slump in the second half of the year, a gauge measuring expectations showed, with businesses resuming activity after restrictions were lifted. Still, concerns about the present state of the economy are running deep amid rising unemployment and surging bankruptcies. Safe Assets | For Europe's integrationists, a jointly issued bond with the safety and liquidity to rival U.S. Treasuries is necessary to ensure the bloc's stability. Germany and France may have taken a small, first step toward creating such a European safe asset. Here's how. Chart of the Day  A 10-point increase in lockdown stringency leads to a 4% drop in economic activity on average, according to Bloomberg Economics analysis of data from the Oxford Covid-19 Government Response Tracker. Yet the headline result masks differences between countries. In Spain, France and the U.S., more stringent lockdowns appear to have a larger impact on activity, while in Canada, Australia and Sweden, the impact seems smaller. Today's Agenda All times CET. - European Commission unveils country-specific economic policy recommendations
- European Commission unveils biodiversity plan for 2030, the 'Farm to Fork' strategy and proposal related to climate neutrality
- Eurogroup President Mario Centeno speaks at parliamentary hearing in Lisbon
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