| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. This week's summit is becoming "more like playing darts on a revolving board, rather than the game of chess" such meetings usually are, according a bemused diplomat here in Brussels. The quip highlights the unprecedented number of moving parts just hours before EU leaders gather for the most important meeting of the year. Hungary's Prime Minister Viktor Orban said last night that we are "one centimeter away" from an agreement that will allow him to lift the country's veto over the bloc's budget and recovery fund. If that's the case, this could allow Poland, which also blocks the stimulus deal, to lift its own objections for an emissions-reduction target for 2030, which will have a transformational impact on the continent's economy. But that's a big if, and some diplomats have already been given heads up to prepare for Plan B. — Nikos Chrysoloras and Viktoria Dendrinou What's HappeningBrexit Drama | Boris Johnson will travel to Brussels to meet Commission President Ursula von der Leyen this evening in what could be the make-or-break moment in the drama that started with the 2016 referendum. OK, we've said this before, but it has now become painfully clear that negotiations for a post-Brexit deal have gone as far as they could possibly go. It's only political choices that can salvage this mess. Sustainability Initiatives | The Commission seeks to have at least 30 million electric vehicles on the roads by the end of the decade under a sustainable mobility strategy to be unveiled today, which also includes plans for zero-emission airplanes and high-speed rail links. Commissioners will also endorse (and unveil tomorrow) a plan to ensure all batteries marketed in the continent are greener. Green Recovery | A majority of Europeans want the economic recovery from the pandemic to promote growth that prevents climate change, according to a survey from the European Investment Bank. The results come at a pivotal time, with EU leaders set to discuss a proposal to toughen the bloc's 2030 emissions-reduction target to at least 55% from 1990 levels at the summit starting tomorrow. Fading Power | The ECB and other central banks around the world are embarking on fresh waves of bond-buying to fight the fallout from the pandemic. Yet recent research suggests that after years of monetary stimulus following the global financial crisis, the once-mighty policy is losing its power to boost the economy. In Case You Missed ItBritish Tariffs | Britain will set its own tariff policy when it completes its split from the EU at year-end. Its first move? It will drop the tariffs that the EU had imposed on $4 billion of U.S. goods, part of the long-running dispute over illegal aid to aircraft manufacturers Boeing and Airbus. Who's Joe Biden's best friend now? Free Junk | Investors can't find yield anymore on this continent. Portuguese bonds rallied to send benchmark yields below 0% for the first time, a dramatic turnaround from the euro-area crisis a decade ago. The rally in the euro area's riskiest government bonds has left Spain, Italy and Greece among the only benchmark securities that still offer positive yields. Bad Banks | The Commission is developing a strategy that will enable the continent's banks to offload non-performing loans to government entities as the region braces for more economic damage from the pandemic. Here's what's in store for next week. Night Trains | European governments agreed to expand night-train services linking the continent's major cities, creating another headache for airlines fighting to recover from an unprecedented slump in air travel. Ministers from France, Germany, Austria and Switzerland unveiled a plan Tuesday to boost rail traffic between cities including Paris, Berlin, Vienna and Milan to curb rising carbon emissions. Chart of the Day In the slow march toward equality, 2020 has seen more progress for women storming male-dominated bastions of economic power. Group of 20 finance chief meetings counted just four female top-level participants earlier this year. But that number is set to rise in 2021 with Janet Yellen poised to become the first woman to serve as U.S. Treasury Secretary and Canada appointing Chrystia Freeland, its first female finance minister. Today's AgendaAll times CET. - 9 a.m. German Chancellor Angela Merkel makes statement to Bundestag during the 2021 budget debate
- 9:30 a.m. The EU's top court rules on a challenge by Vivendi's Canal+ against Paramount Pictures' pact with EU antitrust regulators to escape a full probe into Hollywood film studios' contracts
- 10:15 a.m. Ibrahim Kalin, spokesman and chief advisor to Turkey's President Recep Tayyip Erdogan, speaks at GMF event
- 2:30 p.m. Commission's Michel Barnier and London Mayor Sadiq Kahn speak at Committee of the Regions Plenary
- Commission to unveil climate pact, a strategy for sustainable and smart mobility, an anti-terrorism and security plan and endorse sustainability requirements for batteries
- French President Emmanuel Macron presents his plans to tighten security and control radical Islam to the National Assembly
- Italian Prime Minister Giuseppe Conte faces difficult vote on ESM reform in Senate, where he has a razor-thin majority
- Czech parliamentary nuclear energy committee debates a plan to launch the tender for a $7 billion reactor, which could exclude Russian and Chinese companies over geopolitical risks
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