| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. The EU's motto, "united in diversity," may be put to the test tonight. Diplomats briefing ahead of the leaders' summit said that Prime Minister Viktor Orban's government has crossed a line with Hungary's latest law curtailing LGBTQ content. If he doesn't pull back (as he has done several times in the past), he may have a dinner that will be hard to forget. Many governments were also taken aback by France and Germany's last-minute proposal to resume summits with Vladimir Putin, which will make what was deemed to be a rather inconsequential discussion on Russia a bit more lively. And then there's the whole discussion about shipping billions in additional funds to Turkey to keep refugees away from Europe (here's the draft of the Commission's proposal). So grab your popcorn and follow our coverage throughout this long day.
— Nikos Chrysoloras and John Ainger What's HappeningReopening Bets | The cheerful news of the summit is that leaders will declare that vaccinations are progressing well and travel can gradually resume for those inoculated. Not everyone, however, is on the same page about the pace of re-openings. Tourism-dependent economies are eager to move fast, despite dire warnings from the European Centre for Disease Prevention and Control about the delta variant. Brexit Truce | European governments have agreed in principle to extend the grace period for British firms selling chilled meats to Northern Ireland, bringing the so-called "sausage war" a step closer to resolution. Still, it's not yet clear whether any extension would be for three months, as the U.K. has requested, or for six. Climate Bind | The European Parliament will rubber-stamp a law that makes irreversible the EU Green Deal's overarching goal: climate neutrality by 2050. It also toughens the 2030 emissions-reduction target to at least 55% from 1990 levels. The Greens won't back the move, saying it's not in line with the Paris Agreement, but the majority of lawmakers are set to cast their ballots in favor. Swedish Drama | Swedish Prime Minister Stefan Lofven moved closer to resolving a political crisis that threatened to bring down his fragile ruling coalition in the biggest Nordic economy. After losing a confidence vote in parliament this week over easing rent controls, the 63-year-old Social Democrat leader has until midnight on Monday to forge a new deal that can save his government, or face Sweden's first snap election since 1958. In Case You Missed ItPig Flies | In case any of you were wondering, it's fine and safe to allow insect-derived protein to be fed to poultry and pigs, the EU says. The lifting of restrictions for animal proteins to be fed to animals — introduced during the so-called mad-cow disease outbreak — will be a significant boost for the nascent industry of insect farming. Budgetary Rebellion | Italian Prime Minister Mario Draghi insisted euro-area fiscal rules can't return to how they were before the pandemic, throwing down the gauntlet to Germany over the future shape of Europe's post-crisis budget regime. The country has also clashed with the EU over the issue in recent years, spooking markets. Inflation Threat | The Czech Republic raised borrowing costs for the first time since before the coronavirus pandemic, becoming the second country in the EU's east to take action against the risk of inflation spiraling out of control. When might other central banks start to follow? Building Berlin | When Berlin was gripped by the coronavirus, it turned the disused Tegel airport into a vaccination center, giving the Cold War-era facility a second lease on life. As the pandemic gradually eases, that time is coming to an end, presenting the city with a 5 million-square-meter opportunity. Suez Story | Whether you were awaiting a delivery of anything from shoes to furniture, or simply wondering how an enormous container ship could get wedged for six days in the world's most important waterway, then check this out: The Untold Story of the Ever Given Crisis. Chart of the Day Europe's private-sector economy is booming, accompanied by mounting inflation pressures as coronavirus restrictions loosen across the region. Surveys of purchasing managers by IHS Markit showed euro-area activity growing at the fastest pace in 15 years, with companies struggling to keep up with demand and prices surging. The equivalent U.K. index was only slightly below May's record, with firms hiring staff quicker than at any time since it began collecting data in 1998. Today's AgendaAll times CET. - 9 a.m. German Chancellor Merkel speaks to lawmakers before EU summit
- 9:15 a.m. Europe's chief diplomat Josep Borrell receives the foreign affairs ministers of Moldova, Georgia and Ukraine
- 11:50 a.m. Press conference by European Parliament President David Sassoli and UN Secretary General Antonio Guterres
- 2:30 p.m. The EU's lower court hears arguments in a challenge by an ex-employee who had been put on invalidity leave by three doctors, but then received an EIB decision that he was fit to work
- 3 p.m. Carolyn Rogers, secretary general of the Basel Committee on Banking Supervision, speaks at Bruegel event
- EU leaders begin two-day summit in Brussels to discuss Russia, Turkey, pandemic, banking union
- MEPs set to adopt the new EU Climate Law
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