| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. For the first time since Joe Biden entered the White House, Group of Seven leaders convene today to discuss the most pressing global issues, with the Covid-19 vaccine rollout top of the agenda. The aim of the video call, hosted by U.K. Prime Minister Boris Johnson, is to forge international cooperation on the issue. That may not be easy coming less than a month after a spat between the EU and Britain on vaccine exports, and with the developing world struggling to obtain doses. We're told Commission President Ursula von der Leyen will use the call to announce a doubling of EU cash for the Covax program, bringing the bloc's contribution to the vaccine supplier for poorer nations to 1 billion euros. The G-7 talks come just as the Biden administration said it would be willing to meet with Iran to discuss a "diplomatic way forward" in efforts to revive the nuclear deal that Donald Trump quit in 2018. It's the latest example of the new president seeking to realign U.S. foreign policy with that of America's allies. — Viktoria Dendrinou and Ian Wishart What's HappeningRussian Sanctions | Barring last-minute reservations, EU foreign ministers will most likely give the go-ahead for sanctions against Russia on Monday over the assassination attempt and subsequent arrest of opposition leader Alexey Navalny. The main question that remains is how sweeping they will be, with some governments wary of burning all bridges with Moscow and thus pushing Russia deeper into China's arms. Gas Spat | Meanwhile, the U.S. is likely to hold off sanctioning German entities for now over the Nord Stream 2 gas pipeline, as the Biden administration seeks to halt the project without antagonizing a close European ally. That reticence is sparking an outcry among critics, who argue that U.S. law requires sanctions against any foreign entity if it assisted in construction of the pipeline from Russia. Shot No-Shows | Front-line workers missing vaccine appointments and widespread public mistrust are crippling the rollout of shots in Bulgaria, which has the EU's worst record on inoculations. The government's failure to administer the shots it has received — and its wider pandemic response — comes as its approval ratings hover near record lows before April's general election. Pension Plans | Spain is attempting to spark a pensions revolution by setting up a fund run by private investment companies by the end of the year, offering all Spaniards an affordable savings alternative to supplement their share of the public pot. The government wants both to enhance savings and to erode Spaniards' overwhelming dependence on a state system that is challenging the nation's fiscal sustainability. Week Ahead | The video summit of EU leaders to discuss the next steps in the fight against the pandemic will be the main highlight of next week. The mood among many in Brussels is rather downbeat, as it's not clear that those vaccinated today will be protected for the variants that circulate in a few months time. The wording of the draft summit communique highlights that this nightmare may last much longer than feared. In Case You Missed ItGreen ECB | The European Central Bank is strongly considering disclosing climate risks in its bond programs and will now focus on collecting the data that will help achieve that. The plan marks another step toward a strategy for aiding the fight against climate change without the ECB being dragged into political debates that risk undermining its price-stability mandate. Human Challenge | The U.K. plans to deliberately infect dozens of healthy young adult volunteers in the coming weeks with SARS-CoV-2 to learn more about how the virus affects people and the effectiveness of vaccines. The first so-called human challenge study throws up a number of questions, including the availability of reliable "rescue treatments" in case of serious illness. Here's all you need to know about it. Hungarian Warning | The EU Commission threatened Hungary with another lawsuit over its failure to implement a judgment ordering Viktor Orban to change legislation illegally restricting NGOs. Hungary has two months to reply to the Commission's concerns or risk being hauled back to the EU's Court of Justice with proposed financial sanctions. Airline Bailout | Air France-KLM is poised to get a fresh government bailout after burning through more than 2 billion euros in the final quarter of last year as a resurgent pandemic delayed any recovery in air travel. Talks are ongoing between the French and Dutch governments, and the Commission about a rescue package, the company's CFO said, as the carrier offered a grim prediction for this quarter. Talking Towers | Orange is calling on Europe's other big phone companies to begin talks about a merger of their wireless towers, an alternative to a full tie-up of the region's carriers that risks being blocked by European regulators. The call by its CEO comes as struggling European phone companies have been splitting off their wireless mast and fiber businesses to attract investors and cut the bill for future investments. Chart of the Day The ECB's profit declined in 2020, as interest income from foreign-reserve assets dwindled and bonds under an old purchase program expired. Net profit fell to 1.6 billion euros, from a record 2.4 billion euros the year before. The drop reflects lower income from the bank's U.S. dollar portfolio and the Securities Markets Program as a result of redemptions. Today's AgendaAll times CET. - 3 p.m. G-7 leaders video conference
- 5:15 p.m. Biden, Merkel, Macron speak at virtual Munich Security Conference
- 6 p.m. Von der Leyen, EU Council President Michel, NATO's Stoltenberg speak at Munich Security Conference
- Euro-area flash PMIs
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