| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Europe's car and construction sectors could face rising costs if they fail to substantially reduce their carbon footprint under a plan for a tailor-made emissions trading system for road transport and housing. The Commission is considering proposing such a system in June, according to a document distributed to diplomats in Brussels for next month's special summit of EU leaders on climate. It's unclear whether drivers and home owners will be on the hook to purchase pollution permits, or rather the construction and car industries. But someone will have to pay for the transition to a low-carbon economy. The summit will be dominated by wrangling over "effort sharing" — how much each country and industry will chip in. It took a few all-nighters to agree on the EU's collective goal of climate neutrality. More may be needed to work out the details and, as usual, who will foot the bill. — Nikos Chrysoloras and Ewa Krukowska What's HappeningGreen Rules | Also on climate, we have an updated handy explainer of the Commission's classification system for green investment. And here's our take on why the new rules mean that you can make money if you invest in sustainability, and lose big if you don't. Turkey Debate | The Commission and Council presidents will today discuss relations with Turkey with the European Parliament, ahead of this week's resumption of Cyprus reunification talks and after Joe Biden's acknowledgement of the Armenian genocide. Biden's move infuriated Ankara, though it's unclear if the consequences will extend beyond an embarrassing diplomatic defeat for Erdogan. Draghi's Reboot | Prime Minister Mario Draghi will today present to parliament in Rome details of his 222 billion-euro plan setting out how Italy will spend its portion of EU recovery funds. A large share of the resources will be used for infrastructure projects, the modernization of inefficient bureaucracy and courts, as well as enhancing competition. More spending plans are due from other member states, ahead of Friday's (soft) submission deadline. German Greens | Germany's opposition Greens overtook Chancellor Angela Merkel's conservative bloc in yet another opinion poll after the party nominated Annalena Baerbock as its top candidate for the Sept. 26 national election. Read here about the party that grew out of peace and anti-nuclear protest movements and now wants Germans to rethink the economy. In Case You Missed ItIndia Crisis | India has been recording more than 300,000 coronavirus infections per day, in a flareup that threatens to derail recovery in one of the world's biggest economies and weaken Prime Minister Narendra Modi's iron grip. Commission President Ursula von der Leyen said the EU stands ready to help, amid fears mutations in India could threaten the efficacy of vaccines. American Tourists | Von der Leyen said the EU plans to open its doors this summer to U.S. tourists who've been fully vaccinated against Covid-19, according to an interview with the New York Times published yesterday. "The Americans, as far as I can see, use European Medicines Agency-approved vaccines" which will allow "free movement and the travel to the European Union," she told the paper. Fragile Finland | Finland's government made some progress in talks over its spending framework that had brought the five-party coalition close to a breakup. At the heart of the dispute is the left-leaning parties' push to rejig spending limits for the next four years. They're prioritizing "social justice" over fiscal prudence by spending money on job creation. Russian Tensions | Czech President Milos Zeman said his country shouldn't be quick to punish Russia over allegations of a 2014 sabotage involving a warehouse explosion, which triggered the worst diplomatic conflict between Prague and Moscow for decades. Meanwhile, Vladimir Putin is keeping Western leaders on their toes guessing what he might do next. Cannes or Cannot? | It may be one of the world's most glamorous movie events, but what happens behind the scenes at the Cannes Film Festival matters more. Organizers are under heavy pressure to honor a pledge to hold the gathering in July, even as France grapples with another coronavirus surge. Chart of the Day Confirmation of the euro area's final quarter of contraction during the long pandemic crisis will probably arrive on Friday among a flurry of GDP releases for the first three months of the year from around the continent. Here's a summary of what we will learn about the European and global economies this week. Today's AgendaAll times CET. - 9:15 a.m. EU trade chief Dombrovskis and WTO director-general Okonjo-Iweala speak at EU Trade Policy Day event moderated by Bloomberg's Maria Tadeo
- 5:20 p.m. European Commission President von der Leyen and European Council President Michel discuss outcome of last Summit and EU-Turkey relations with EU lawmakers
- Von der Leyen meets Serbia President Vučić in Brussels
- Informal video conference of EU Agriculture Ministers
- EU energy chief Simson delivers keynote address at the Financial Times Hydrogen Summit – 'The Clean Fuel of the Future'
- Iran nuclear deal joint commission reconvenes
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