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Welcome to the Brussels Edition, Bloomberg’s daily report on what matters most at the heart of the European Union.
EU governments that hope to use the hundreds of billions in debt raised by the European Commission next year for tax cuts, higher pensions and other donations are in a real situation. The executive arm of the EU will today publish a set of guidelines that will clarify what type of spending is eligible for the gigantic rescue package agreed between the leaders of the bloc. The list includes investments ranging from high-speed broadband to electric vehicle charging stations and building renovations, as well as funding for reforms recommended by the Commission. If governments comply and present credible draft plans next month, then Serious money can start flowing into cash-strapped economies sometime in the second quarter.
– John ainger andNikos Chrysoloras
What’s going on
Climate Crux | Climate activists and carbon traders will be glued to their screens at noon when the European Commission publishes plans on how to meet its target of reduce carbon emissions by 55% from 1990 levels.
Merkel’s charge | If the plan is likely to become a reality It depends on Angela Merkel. That is because Germany currently holds the rotating presidency of the bloc and is its biggest polluter. This is what it takes to make it happen.
Tune in | Do you want to know more about the EU’s push to reduce carbon emissions? Listen to our podcast, where we speak with Professor Alberto Alemanno, who specializes in EU law at the HEC University of Paris, to discuss what is actionable for investors and whether or not the Commission has what it takes to carry out its plans .
Coalition tale | The promise of a wave of European money could help Italian Prime Minister Giuseppe Conte overcome a number of challenges regional elections on Sundays and Mondays. Be especially careful with Toscana, Marche and Puglia, which are in the hands of the center-left and where the opposition bloc led by Matteo Salvini is giving a strong fight.
Turkey Warning | The European Parliament is scheduled to say today that Turkey must show “sincere cooperation and concrete progress” in easing tensions in the eastern Mediterranean in order to to avoid further EU sanctions.
In case you missed it
Brexit update | Commission President Ursula von der Leyen said the EU will never back down on the Withdrawal Agreement that UK Prime Minister Boris Johnson agreed to less than a year ago, a sign that the two sides are entrenching their positions. Here’s the latest.
Catalan pride | CaixaBank has been a symbol of Catalonia’s industrial prowess for more than a century and was a key pillar of secession plans for an economically viable state. And now a The linking agreement involving the Spanish government is proving controversial. This is why.
Chronic unemployment | Spain’s central bank issued a dire warning that the nation’s coronavirus-induced unemployment rate could be stuck at around 20% through 2022. The nation has been unable to shake itself one of the highest unemployment rates in the world, while other parts of Europe also prepare for severe job losses.
Pipeline issues | Von der Leyen directly questioned the Nord Stream 2 gas pipeline, a cornerstone of Merkel’s energy policy that has been called into question after the poisoning of a vocal critic of Russian President Vladimir Putin. Here’s the background.
Shooting Stars | A 2,000-person “farewell party” for Covid-19 on Prague’s medieval Charles Bridge shows how the Eastern European countries that initially acted more decisively may have been premature in their celebrations. Are now fighting an explosion of cases.
Chart of the day
the The global economic downturn will not be as acute as feared this year, although the recovery is slowing down and will need support from governments and central banks for some time, according to the OECD. The world economy will contract 4.5% this year, less than the 6% forecast in June, with China being the only nation in the Group of 20 to grow modestly, the Paris-based institution said.
Today’s Agenda
All CET times.
- 09:30 am China’s Ambassador to the EU Zhang Ming talks about EU-China relations at the EPC event
- 12:30 pm Executive Vice President Frans Timmermans delivers a press conference on the Commission’s 2030 climate plan
- The President of the European Council, Charles Michel, visits Malta
- The European Parliament votes a resolution on Turkey and the “dangerous escalation” in the eastern Mediterranean
- EU Economic Director Paolo Gentiloni and EU Health Director Stella Kyriakides participate in the G20 Finance and Health Ministers meeting
- Informal meeting of EU ministers of education
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– With the assistance of Zoe Schneeweiss, Ewa Krukowska and Jonathan Stearns
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