Brussels Edition: how to pay for all this

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. European Union finance ministers meeting in person for the first time in seven months will have plenty to catch up as they all struggle with the worst recession in memory. They'll pore over the EU's landmark recovery fund and, crucially, debate how to pay off jointly issued debt to help their economies rebound. This means finding new and potentially contentious ways to generate fresh money for the EU budget like levies on digital companies and financial transactions as well as other green and corporate taxes. Agreeing on any of these will require EU nations to put aside former national red lines and could risk U.S. retribution.  —Viktoria Dendrinou and Nikos Chrysoloras What's Happening Brexit Ultimatum | The U.K. and EU are heading for a chaotic split without a new trade deal as talks between the two sides frayed. The EU yesterday gave the U.K. until the end of the month to amend a controversial bill that overrules parts of the Brexit treaty or face legal consequences. The ultimatum comes after another week of negotiations between the two sides failed to bridge divisions. Top Job | Euro-zone finance ministers will also sound the starting gun for the race to fill a top vacancy at the European Central Bank when they meet in Berlin today. Governments from the 19-nation currency bloc will be invited to propose candidates for the six-person Executive Board, which designs and implements monetary policy, in a rare chance at progress in fixing the ECB's diversity shortfalls.  Virus Update | Europe has now surpassed the U.S. in new daily Covid-19 infections, re-emerging as a global hotspot after bringing the pandemic under control earlier in the summer. It's a major setback for a part of the world that seemed to have gotten a grip on the coronavirus. France yesterday recorded close to 10,000 new cases, the most since the country's lockdown ended four months ago. Week-Ahead | European Commission president Ursula von der Leyen will lay out her policy priorities, including a proposal for stricter emissions-cuts, in her first State of the Union address on Wednesday. A call between Chancellor Merkel, the leaders of EU institutions and Chinese president Xi is the other main scheduled item of the week ahead.  In Case You Missed It Turkish Sanctions | Greece pressed its EU partners to draw up "severe" sanctions against Turkey over its energy exploration in the eastern Mediterranean, a move that could unlock separate efforts to penalize Belarus. Here's everything you need to know about what's keeping Turkey and Greece at odds. Euro's Strength | ECB President Christine Lagarde said the surging euro must be monitored for its impact on prices, but she didn't signal any pressing need to adjust monetary policy. The euro jumped on her remarks, further depressing prices by making imports cheaper, while also making exports less competitive. Russian Vote | With his most prominent critic hit by a near-fatal poisoning that opponents and the West blame on the Kremlin, President Vladimir Putin faces a key test of support in Russian regional elections starting today that are a prelude to a national vote next year. The contest takes place against a background of unprecedented anti-government protests in neighboring Belarus and daily demonstrations since July in Russia's far east Khabarovsk region.  Nokia's Patents | From the wreckage of its mobile-phone business Nokia salvaged a lucrative asset: thousands of wireless communications patents and a thriving research operation. A legal battle could change all that. Chart of the Day Some of Europe's biggest cities, including London and Paris, will have a shortfall of 1.2 million apartments by 2030, according to a study of nine metropols by the German Institute for Economic Research. No wonder house prices in London's most expensive areas started rising again, despite the pandemic.  Today's Agenda All times CET. 10 a.m. Informal meeting of EU's Economic and Finance Ministers  ECB's Weidmann and Villeroy speak at Bundesbank event in Berlin 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. 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