Brussels Edition: A key German ruling

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. As Europe deals with its current crisis, Germany's top court is set to rule on a program that helped the region exit the last one. Judges will decide  whether the country can continue to participate in the European Central Bank's bond-purchase program, commonly known as QE. Although markets are nervous, Karin Matussek reports that a positive verdict is expected. An unpleasant surprise could wreak havoc, triggering a run on Italian bonds. Even if a workaround is found, it wouldn't be before a lot of damage is done.  — Nikos Chrysoloras What's Happening Lost in Translation | Europe's telecom ministers will today discuss problems of interoperability for coronavirus apps as France and Germany design incompatible systems. Interoperable apps could be key to lifting pandemic restrictions on travel by allowing contact tracing to continue as citizens cross national borders. Virus Update | Daily coronavirus deaths and new cases in Spain hovered at lows last seen in early March, while an excess mortality report in Italy highlighted the extent of devastation. Meanwhile, Europe's baby steps back to normality continue. Here's the latest. State Backing | More than 40 million workers have been furloughed during the shutdowns, based on data from Europe's biggest economies. While getting a portion of their pay covered by the state is a huge burden on public finances, this is why it looks like it's worth it. Polish Election? | It's Tuesday, and Poles still don't know if they are going to vote in the country's presidential election on Sunday. The ballot may be delayed as criticism intensifies over efforts to hold it during the coronavirus lockdown. Pipeline Blockage | The Nord Stream 2 natural gas project faces a legal blow that may further delay the start of the controversial subsea pipeline from Russia to Germany. The German energy regulator plans to deny the project an exemption from EU rules that require separate ownership of gas and transmission lines. This is why it matters.  In Case You Missed It Virus Cure | Scientists at Utrecht University in the Netherlands created a monoclonal antibody that can defeat the new coronavirus in the lab, a promising but early step in efforts to find treatments and curb the pandemic's spread. Read more about the discovery.  Staying Afloat | Air France-KLM won EU approval for a 7 billion-euro French aid package that Finance Minister Bruno Le Maire said will mean cutbacks in domestic services. Meanwhile, Lufthansa's talks with the German government over a multi-billion-euro bailout are coming down to  the state's profit in coming years for rescuing Europe's biggest airline.  German Muscle | Germany's domestic bailouts could help the EU economy survive the pandemic even as it outspends nations with less firepower, according to the bloc's antitrust chief. Margrethe Vestager's comments come as the EU's role as watchdog of state spending is under strain, with governments forced to shower firms with subsidies. Angsty Chefs | As businesses big and small gingerly prepare for reopening in the Covid-19 era, few are as anxious as restaurants — especially those with reputations, critical laurels and culinary ambitions. Here's how top chefs plot their post-lockdown revivals. Chart of the Day European manufacturing will take a long time to overcome the damage caused by the coronavirus, after suffering an unprecedented slump in April. In its monthly report on factories, IHS Markit said the recovery from shutdowns will be "frustratingly slow." Today's Agenda All times CET. 10 a.m. European Parliament hearing with Single Resolution Board Chair Elke Koenig on coronavirus 10 a.m. German Constitutional Court will issue its ruling over the country's participation in the ECB's bond-buying program 11 a.m. European Parliament hearing with ECB supervisory board chair Andrea Enria on coronavirus  11 a.m. North Macedonia's Foreign-Affairs Minister Nikola Dimitrov speaks at EPC virtual event 3:30 p.m. European telecom ministers will hold a video-call to discuss the implications of the Covid-19 crisis for the digital sector German top civil court hears first car-owner case over diesel emissions-scandal German Chancellor Angela Merkel consults with auto executives on virus response 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