| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. EU finance ministers will today debate the landmark proposal for a jointly financed 750 billion-euro recovery plan, though there's little they can really do before leaders begin more formal talks next week. Even as opposition from frugal nations seems to be easing — for the right price — EU diplomats warn that it could be a while before a final compromise can be reached. With issues over the size of the fund, the balance between grants and loans, and who gets how much still up for debate, bets that a deal could come next month may be on the optimistic side. And while the EU dawdles, European Central Bank officials are already making the case for more stimulus. — John Ainger and Viktoria Dendrinou What's Happening Promoting Renewables | Clean-energy buyers want the EU to ensure that the recovery package helps increase the uptake of renewables by corporates. Companies including Nestle and Unilever are pressing the commission to introduce measures such as credit support and speedier roll-out of renewable-power purchase agreements as part of the plan. Euro Boss | Euro-area finance ministers also need to start thinking about a new chief, as outgoing Eurogroup President Mario Centeno will today call for candidates to replace him. While the job has lost some of its crisis-era pizzazz, it offers a chance to steer the bloc at a critical juncture as it seeks to rebound from virus-induced devastation. Virus Update | After three months, the EU is planning a "gradual and partial" easing of a ban on most travel to the bloc as of July 1, according to foreign-policy chief Josep Borrell. Germany, though, has extended its travel warning to countries outside the EU through to the end of August. Here's the latest on the virus. Splashing Cash | The key to Europe's economic recovery may be lying in the bank accounts of its citizens. Bloomberg has crunched the data to show that in the euro area's four largest economies, deposits of more than 100 billion euros have been added in March and April. That's more than three times the average over the past decade. Bovine Battle | There might be few things more Irish than a battle over cows, but that's where the Greens' quest for power may be made or broken. Find out why here. In Case You Missed It Brexit Standoff | Michel Barnier, the EU's chief Brexit negotiator, said that the U.K. will crash out of the single market on Jan. 1 unless Boris Johnson's government scales back opposition to key demands from the bloc, like fishing and dispute settlement. This is why failing to get a deal matters for the U.K. Frosty Relations | With Donald Trump undermining Chancellor Angela Merkel by withdrawing thousands of troops from Germany, the decades-old bond between Europe and the U.S. is eroding rapidly. In this week's Brussels Edition podcast, Dr Ian Lesser, vice president of the German Marshall Fund, tells us that it's not likely to reverse until after the U.S. presidential election. Tune in here. Blame Game | The EU blamed China and Russia for spewing out false and misleading online information about Covid-19 in a report that seeks to stem the "unprecedented" spread of fake news amid the pandemic. It comes as the bloc steps up pressure on platforms such as Twitter and Facebook to stem the flow of misleading content. Euro Nightmares | Croatia and Bulgaria are seeing their dreams of adopting the euro fade further into the distance, with the coronavirus crisis raising questions about inflation and the health of public finances, according to the ECB. Of the seven EU members that remain outside the currency, just those two are actively seeking to join. Homophobic Campaign | In a bid to jump-start his ailing re-election campaign, Poland's president is trying to make gay people the enemy. Andrzej Duda's Law & Justice party is struggling to shore up support amid allegations of corruption. According to the international advocacy group ILGA, Poland ranks worst in the EU for LGBT rights. Chart of the Day  The coronavirus pandemic is splintering the world economy, and its impact on businesses and the most vulnerable will require extraordinary government action, the OECD warned, forecasting a global slump of 6% this year. That's based on a scenario of the virus continuing to recede: A second wave, which the OECD said is an equally likely scenario, could mean a 7.6% contraction. European economies are forecast to see the biggest declines in output. Today's Agenda All times CET. - 9:30 a.m. EU top court rules in a case questioning the duties of airlines to reimburse passengers for flight delays incurred due to a disruptive passenger on board the previous flight
- 9:30 a.m. EU top court rules in a dispute between Novartis Consumer Health GmbH and Ratiopharm
- 11:30 a.m. Meeting of the EP Conference of Presidents: arrivals and roundtable
- 12 p.m. Video conference of the ESM board of governors
- 3 p.m. Informal video conference of the Eastern Partnership foreign affairs ministers; roundtable, followed by press conference at 4:30 p.m.
- 5:30 p.m. Eurogroup video conference
- EU tech chief Vestager delivers key note speech at the online Cyber Security Summer Hub
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. | 
Post a Comment