| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. EU governments banking on hundreds of billions of euros in recovery funds can start putting forward their plans from today, when the bloc's newest economic weapon becomes operational. Besides helping the region's economies bounce back from the steepest recession in memory, the fund's success could solidify the EU's position as a leader in the fight against climate change; create high-quality manufacturing jobs in new technologies to take on China and other rivals; and help the 27 nations forge a common purpose in the aftermath of the U.K.'s departure. But the funds will need to start flowing quickly, and countries must work on absorbing them faster and better than before if the bloc is to truly refit its economies so they can rebound and take on the challenges of the future. — John Ainger andViktoria Dendrinou What's HappeningReviewing Trade | The EU is set to unveil its new trade strategy today, stepping up appeals to the U.S. to align its foreign policy priorities with the bloc in an effort to bring China into line. The bloc will concede the U.S. had valid concerns when it blocked the WTO's ability to rule on foreign disputes. Afghan Question | NATO defense ministers will discuss today the thorny questions of whether to withdraw from Afghanistan after a 20-year deployment. Secretary General Jens Stoltenberg told reporters yesterday that for this to happen, the Taliban must keep their side of the deal and not nurture violence and terrorism. Don't expect a decision until Joe Biden's administration has made up its mind. ECB Minutes | European Central Bank officials are finally building a consensus about how they might start delivering on President Christine Lagarde's ambition to combat climate change, but don't expect a sudden greening of monetary policy. The institution is also releasing the account of its January meeting today, just as markets are being roiled by reflationary fears. Draghi's Blueprint | Mario Draghi laid out a firmly pro-European agenda for Italy, comparing the task ahead to the country's post-war reconstruction. Senators voted in favor of the new prime minister's government yesterday evening, while lower house lawmakers will vote today. Fighting Variants | The Commission announced new vaccine purchase deals and unveiled a plan to contain coronavirus mutations. But the deliveries from Moderna aren't expected until the third quarter, and the mood among some Brussels officials is downbeat. They fear new strains mean that even those who got the jab might not be sufficiently protected. In Case You Missed ItUn-Injected | AstraZeneca's vaccines are going unused in Germany. Fewer than one-tenth of the doses delivered to the country were administered in the initial days of the rollout, and some health-care workers say they're worried about side effects. Concerns are being raised in France, too, following the clash last month over whether EU countries would get their fair share. Merkel's Heirs | The race to succeed Angela Merkel as German chancellor after September elections is gradually gaining steam. The two leading conservative candidates sparred over pandemic policy during traditional Ash Wednesday speeches, which are often used to attack opponents and fire up supporters. Banking Delay | Michel Barnier, the EU's chief Brexit negotiator, warned the bloc won't be hurried into granting U.K. financial firms free access to its single market. His comments underline the gulf between the two sides over so-called equivalence — with the European regulator keen to pry business away from the City of London. WTO Plea | In an interview, the WTO's new Director-General Ngozi Okonjo-Iweala urged the EU and all other members to end export restrictions on vaccines and other medical goods needed to combat the Covid-19 pandemic. Check out Bloomberg's vaccine tracker to see when countries around the world are due to reach herd immunity. Reddit Warning | If you've been parsing Reddit's forums for the next big trade, the top European markets regulator has a warning: you may be violating market-manipulation rules. It follows the frenzy in trading of U.S. companies like GameStop. Free Navalny | The European Court of Human Rights asked Russia to release jailed opposition leader Alexey Navalny immediately. The country's Justice Ministry said it would ignore the order. Chart of the Day The French government has so far resisted calls from medics for a third national lockdown to prevent the spread of more infectious Covid-19 variants. Still, with earlier curfews and tighter restrictions on non-essential retail, Bloomberg Economics doubts this strategy will stop the economy from contracting in the first quarter, even if it keeps the virus under control. That puts France on course for its first double-dip recession in at least 70 years. Today's AgendaAll times CET. - 11 a.m. ECB publishes 2020 Financial Report
- 12.45 p.m. Press conference by Trade Commissioner Valdis Dombrovskis on the trade-policy review
- 1.30 p.m. ECB publishes account of its January policy meeting
- NATO defense ministers meet via video conference
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