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Brussels Edition: Old adversaries meet again

Brussels Edition
Bloomberg

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

The leaders of Serbia and Kosovo meet today in Brussels to restart EU-mediated talks on ending their deadlock over the last war in the bloody breakup of Yugoslavia. More than two decades after they stopped fighting, Kosovo is demanding recognition of its sovereignty after declaring independence from Serbia in 2008. Its neighbor refuses to let it go. The standoff has thwarted their aspirations to join the bloc, which won't let in new members with outstanding territorial disputes. That has opened space for a geopolitical tussle as Russia, China, and even the U.S. grapple for influence on the EU's southeastern flank. It also sets the stage for high-stakes negotiations in which neither side wants to blink first.

—  Michael Winfrey and Ian Wishart

What's Happening

Budget Boxer | With this week's summit likely to see the Netherlands cast as the spending hard-liners, we spoke to the Dutch Finance Minister Wopke Hoekstra — an amateur kickboxer who wasn't looking for controversary, but when he found it, didn't look back. 

Data Question | The EU's top court issues a landmark ruling today on the validity of two key mechanisms that thousands of companies depend on to transfer commercial data to and from the U.S. The Commission is this time ready to avoid a repeat of the turmoil five years ago when the same tribunal struck down another key data-transfer tool, according to the bloc's justice chief.

Keeping Steady | The European Central Bank is expected to hold off on more monetary stimulus when its Governing Council meets today. Policy makers can afford to lean back a little and analyze new economic data after committing 1.35 trillion euros in emergency asset purchases and flooding banks with liquidity to fight the fallout of the coronavirus pandemic.

Numbers Man | We take a look at Italian Finance Minister Roberto Gualtieri, a man who's fast becoming his country's most powerful politician. The big question this former communist must answer: How much is it really going to cost to keep Italy in the euro? 

In Case You Missed It

Biting Back | Apple won its court fight over a record 13 billion-euro Irish tax bill in a crushing blow to Competition Commissioner Margrethe Vestager's crackdown on preferential fiscal deals for companies. But it's only the first battle in an onslaught of other regulatory threats facing the iPhone maker in Europe, including antitrust probes and legislation that could force changes to the way it operates in the bloc.

Thrown Out | Wirecard, the insolvent German payments processor engulfed in the country's biggest accounting scandal, won dismissal of a U.K. fraud case over its 2015 purchase of an Indian company. The case, brought by the former minority shareholders of Hermes I-Tickets has no realistic prospect of success, the London commercial court ruled. 

Party's Over | Budapest is preparing to follow other popular tourist destinations that have sought to rein in short-term apartment rentals, which fuel property prices and feed a raucous party district in the heart of the Hungarian capital. With over 10,000 Airbnb listings in 2018, Budapest relies on the industry more than almost any other major European city but would follow Paris, Berlin, Amsterdam and Madrid in imposing stricter terms on such rentals.

Greek Homes | As part of our series on the home designs that define cities, we take a trip to Athens, where polikatoikias — concrete apartments with tiered balconies — built quickly to create affordable housing, have stood the test of time.

Wealth Management | A Dutchman turned ING into a digital leader. Can he now do the same at UBS? We profile Ralph Hamers, the man who prefers khakis, sneakers, and open-collar shirts to pinstripes.

Chart of the Day

Since 1950, the global population has increased between 1% and 2% a year, and is likely to peak in 2064 at around 9.7 billion before declining to about 8.8 billion by the end off the century some 2 billion lower than previous estimates, researchers said in The Lancet. By the middle of this century, 151 countries are forecast to have fewer children than in their parents' generation. 

Today's Agenda

All times CET.

  • 9 a.m. German Economy Minister Peter Altmaier speaks at the European Parliament 
  • 9:30 a.m. EU's top court rules whether two separate tools companies depend on to transfer key commercial data across the Atlantic are valid
  • 9:30 a.m. EU's top court gives non-binding opinions in a German dispute involving Google's YouTube over copyright-violating material
  • 9:30 a.m. Ireland and Romania face possible fines from the EU's top court in cases brought by the Commission for failing to properly implement rules to combat the use of financial systems for money-laundering or terrorist financing
  • 9:30 a.m. EU's highest court rules on Nexans' bid to overturn or reduce a 70.7 million-euro antitrust fine for colluding with rivals to fix prices of high-voltage power cables
  • 10:30 a.m. EU antitrust chief Vestager interviewed at European Business Summit
  • 11 a.m. Eurostat to release international trade in goods reading for May
  • 1:45 p.m. ECB Governing Council announces decisions from monetary policy meeting; press conference at 2:30 p.m.
  • Serbia-Kosovo talks restart in Brussels
  • Informal EU-U.K. negotiations continue in Brussels
  • Health ministers meet by video conference

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