| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. France's push for a "Europe First" agenda, which has been fueled by the clash over a new U.S.-led defense pact and cancellation of a submarine deal with Australia, is facing resistance from EU partners. We're told misgivings are strongest in Eastern Europe after France delayed preparations for a meeting with U.S. trade officials. This comes as Paris has quietly blocked efforts to modernize NATO and stoked divisions within the Commission. Several countries are concerned French President Emmanuel Macron may be going too far in trying to reduce the EU reliance on the U.S. On the eve of the first meeting of the U.S.-EU Trade and Technology Council, Commission Vice President Valdis Dombrovskis told us that only about a month remains to resolve a metals dispute with the U.S., and failure to do so would mean new EU tariffs hitting American products Dec. 1. There's at least one sign of progress: we hear that late yesterday the wording of the planned joint statement for the meeting was finalized. — John Follain Budget Hawk | As the dust settles on Germany's election, control over the finances of Europe's largest economy could fall to a 42-year-old former tech entrepreneur who wants to lower taxes and tighten spending. Christian Lindner, the head of the Free Democrats, made the role of finance minister a key demand in pending coalition negotiations. Brexit Calm | London and Brussels are seeking to cool tensions in their thorny dispute over the Northern Ireland protocol. The sides are preparing for weeks of intense talks to resolve it, with the EU planning to offer proposals next month to address British complaints. The U.K. isn't expected to take any drastic actions soon. Macron Back | France and Greece signed a major defense pact that includes commitments from Athens to purchase three French warships, with an option for a fourth. Macron called it "a sign of trust and the quality of French production." We're told that the deal is worth between 2 and 3 billion euros, with less than a billion per frigate. Energy Record | European energy markets from natural gas to carbon permits jumped to records, signaling the supply shortage will get worse just as the winter season starts. Stockpiles of everything from natural gas to coal and Norwegian water for electricity production are dwindling and there are few signs the situation will improve anytime soon as demand continues to roar back from a pandemic-driven lull. Gas Protest | Hungary's foreign ministry summoned the Ukrainian ambassador to protest the Kyiv government's request to the EU to review a new long-term natural gas agreement with Gazprom. Hungary and Gazprom on Monday signed a 15-year agreement that will send gas supplies from Russia through the Balkans and Austria, mostly or fully circumventing Ukraine, until now the main route for the fuel. Don't Overreact | President Christine Lagarde said the ECB should be wary of withdrawing stimulus too quickly in response to what is likely to be a "transitory" spike in inflation. The key challenge, she said, is "to ensure that we do not overreact to transitory supply shocks that have no bearing on the medium term," while also nurturing positive demand forces. Google Targeted | Google's planned ad-tracking changes are the target of a complaint from advertisers and publishers urging the EU to rein in how the search giant adjusts its web browser. Movement for an Open Web, which filed a complaint that fueled an earlier U.K. probe, wants its evidence to bolster the European Commission's wide-ranging investigation into Google's advertising technology. Election Ready | The U.K.'s main opposition party is gearing up for a potential general election as early as next year as strategists increasingly think Prime Minister Boris Johnson might go to the polls before voters feel the impact of higher taxes. Labour leader Keir Starmer has been told by senior advisers that he should be prepared for a snap election next spring. Sanctions Warning | U.S. senators warned NATO ally Turkey that it would trigger new sanctions if it goes ahead with plans to purchase additional Russian missile defense systems. The warning comes ahead of a critical meeting between President Recep Tayyip Erdogan and Russian President Vladimir Putin in Sochi today.  The EU's red-hot carbon emissions market could be used to mitigate the impact of soaring energy prices on the most vulnerable consumers, Energy Commissioner Kadri Simson told us. Revenue from permit auctions in the bloc's Emissions Trading System jumped to more than 20 billion euros this year as the price of pollution soared with gas and power prices. All times CET. - 9.30 a.m. Competitiveness council meets in Brussels to address issues related to the internal market and industry
- 10.30 a.m. Weekly meeting of the Commission College, followed by a press conference
- EU-U.S. Trade and Technology Council meeting in Pittsburgh, with commissioners Valdis Dombrovskis and Margrethe Vestager attending
- Commission President Ursula von der Leyen visits Kosovo, Montenegro and Serbia
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