Brussels Edition: Recovery fund battle

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. After months of virtual summits, EU leaders will today meet in person for the first time since February to try and settle their differences over a radical 750 billion-euro fund designed to help the bloc's economies recover from the worst recession in living memory. The meeting is expected to run into the weekend and it's anyone's guess when or how it will end. And while leaders agree on the need for action, they're still deeply divided over key issues, including the size and makeup of the fund and, crucially, its governance. With all that's at stake, a swift agreement would be welcome. But given the amount of money on the line, it's unlikely any side will compromise without first putting up a fight. — Viktoria Dendrinou What's Happening Still Talking | Brexit negotiators have been informally discussing the biggest sticking points in Brussels this week, like state-aid rules and the role of the European Court of Justice. There's pressure on both sides to show signs of progress in talks taking place in London next week. Alexa, Stop | Voice assistants such as Siri and Alexa face scrutiny after the EU opened an antitrust inquiry into how Silicon Valley uses data to tighten its grip on growing markets. Regulators say they see signs that tech giants may be working to keep competitors out. Vaccine Update | Pressure is growing on AstraZeneca to deliver positive results from early tests for the coronavirus vaccine it's developing with University of Oxford researchers. Data expected on Monday will be closely scrutinized as governments seek to end the destructive pandemic. Science Theft | Meanwhile, Russia is hacking international research centers developing a Covid-19 vaccine, according to the U.K., U.S. and Canada. The intelligence bombshell comes at a delicate time with a U.S. election in November and the world economy plunging into recession. In Case You Missed It Data Trouble | The EU's top court issued a stinging rebuke of potential U.S. surveillance, striking down the so-called Privacy Shield, a key method to transfer data across the Atlantic. Thousands of companies that ship commercial data to the U.S. risk turmoil in their day-to-day activities. Holding Steady | ECB President Christine Lagarde said she won't let monetary policy be constrained as she fights to support the euro area's economic recovery from the pandemic. With coronavirus cases in check, the ECB kept its emergency monetary stimulus unchanged.  Trading Reprieve | EU-based investors should have an easier time trading the world's equities on foreign markets, including possibly in the U.K. after Brexit, according to the bloc's markets regulator ESMA. The EU has indicated that it's not ready to open access to many parts of London's financial markets.  Swedish Defense | Swedish Prime Minister Stefan Lofven said he's in no doubt his country's highly controversial strategy for fighting Covid-19 remains appropriate. That's even as immunity remains elusive there in spite of  much higher rates of exposure.  Chart of the Day Europe's car industry extended a tentative recovery for a second straight month, leaving manufacturers and dealers hoping state subsidies will help spur a stronger rebound. New passenger-car registrations fell 24% in June, the European Automobile Manufacturers Association said yesterday. That's an improvement on May's 57% drop and April's 78% slump. Today's Agenda All times CET. Special EU summit to discuss EU's next long-term budget, jointly-financed recovery plan  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