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Brussels Edition: A missed opportunity

Brussels Edition
Bloomberg

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

Euro-area finance ministers plan to say today who will fill the only vacancy on the European Central Bank's top team for the next five years. While the appointment had offered a unique opportunity to achieve gender balance among the six members of the executive board, both of the contenders are male. That may prove contentious in the European Parliament, which has long taken issue with the lack of female representation at the ECB's highest levels (the remaining 19 members of the broader governing council are men, too). The parliament can only hold up ratification for a while  though lawmakers could create further problems down the line. Still, even as the central bank seeks to fix imbalances in its ranks, the acute shortage of women among its top decision-makers can ultimately only be addressed by the governments who appoint them.

Viktoria Dendrinou

What's Happening

Fishing for a Deal | With less than two weeks before the U.K.'s deadline to secure a post-Brexit trade accord with the EU, negotiations between the two sides enter an intensive final stage as talks resume in London. The EU's chief negotiator, Michel Barnier, is due to meet German Chancellor Angela Merkel in Berlin today, as Emmanuel Macron's reluctance to make concessions on fish stirs concern among officials that the French President could sink efforts to reach a wider trade accord.

Trade Boss | EU member-country envoys aim to endorse Nigeria's former finance minister and South Korea's trade chief in their bids to become WTO director-general, we're told. The trade body, which plans to name a new leader by Nov. 7, is still battling headwinds from the coronavirus pandemic, the U.S.-China trade battle, a hobbled arbitration system and a lack of tools to tackle growing challenges such as industrial subsidies.

Turkey Trip | NATO Secretary General Jens Stoltenberg heads to Turkey today, where he'll meet with the country's foreign minister. His trip comes as NATO members Greece and Turkey agreed last week on measures to reduce the risk of a military incident in the Eastern Mediterranean, and after EU leaders agreed to use all the instruments and options at the bloc's disposal to defend member states' interests if there is further provocation from Turkey.

ECB Indicators | The global economy is entering the final quarter of its worst year in living memory in a precarious state. For ECB policy makers, this week may offer clues as to whether the latest disappointing inflation data are enough to move the needle in the debate for extra stimulus; meanwhile, the ECB is struggling to make its intentions clear.

Court Rulings | The EU's lower court will today decide on a couple of competition cases. First up, a challenge by French supermarket chains Casino and Intermarche against the decision by EU antitrust regulators to raid some of their premises. German cement-makers HeidelbergCement and Schwenk Zement will also find out whether they've won an appeal against an EU veto of their plans to buy assets in Croatia.

In Case You Missed It

A Costly Split | The resurgence in infections since the end of the summer has exposed Spain's vicious partisan divisions, with officials from the center-right regional administration in Madrid challenging new restrictions imposed by the Socialist national leadership. The result is a spiraling health crisis, and Germany is worried.

Second Bauhaus | The climate actions at the core of the EU's 1.8 trillion- euro recovery plan could result in a sweeping architectural makeover, one that leaders have compared to a new Bauhaus movement. That type of renovation wave would advance the goal of making Europe the world's first climate-neutral continent by 2050 and could present an opportunity for a symbolic transformation.

Green Growth | But there are challenges to the bloc meeting its 2050 climate neutrality goals, something that would require emitters in the transport, buildings and manufacturing sectors to shift from fossil fuels to clean hydrogen. According to a report by BNP Paribas Asset Management, the cost of polluting in the EU will need to triple to encourage emitters to use hydrogen instead of fossil fuels.

Denmark's #Metoo | Denmark's parliament has for years allegedly served as a backdrop for misogynistic conduct, including everything from rape to sexual intimidation of female interns by male lawmakers, according to a list of accusations signed by 322 current and former female politicians and parliament employees. The discussion has forced a national debate around abuse in a country that sees itself as a bastion of equality and openness.

Chart of the Day

Consumer prices in the euro area fell more than economists forecast in September, keeping up pressure on the ECB as it debates whether to add stimulus to support the recovery. The inflation rate came in at -0.3%, slightly below the median estimate in a Bloomberg survey.

Today's Agenda

All times CET.

  • 8:45 a.m. German Foreign Minister Maas, EU's Barnier statements after talks in Berlin
  • 10 a.m. German Chancellor Merkel hosts Barnier in Berlin
  • 11 a.m. The EU's second-highest court rules on a challenge by HeidelbergCement and Schwenk Zement against a veto of their joint plans to buy assets in Croatia
  • 11 a.m. The EU's second-highest court rules on challenges by French supermarket chains Casino and Intermarche
  • 3 p.m. Eurogroup video conference
  • 4:30 p.m. EU Parliament press conference on the state of negotiations on the EU's recovery fund
  • EU energy chief Kadri Simson delivers a keynote speech at the virtual High-Level Conference on Hydrogen
  • NATO Secretary General Jens Stoltenberg to visit Turkey meet with the Minister of Foreign Affairs, Mevlüt ÇavuÅŸoÄŸlu
  • EU government envoys in Brussels will seek to reach consensus on candidates to back for the top job at the World Trade Organization

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