(Bloomberg) -- Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
After once again rejecting Brexit motions (C), (D), (E) and (G), as well as Theresa May’s Plan A and every other potential Plan B, the U.K. is running out of letters, options and time. We’ll get a reaction from the EU’s chief negotiator Michel Barnier first thing this morning in Brussels, while French President Emmanuel Macron may exclaim “I told you so” when he meets Irish Prime Minister Leo Varadkar. As the April 12 cliff approaches, there appears to be nobody on the continent or the British Isles who can claim to have a workable plan on how to salvage this mess.
What’s Happening
Benelux Summit | Watch out for more caustic comments on Brexit today as the leader who likened May to a Monty Python sketch meets the premier who compared the U.K. to a Samuel Beckett play and his colleague who ambushed her with a gift of a “Hazard” shirt. Sadly, no animals are allowed in the Benelux Summit taking place in Luxembourg today, so the imaginary cat named Brexit and the Sphinx haven’t been invited.
Euro Crisis Echoes | A decade after Ireland’s real-estate bubble burst, land prices are rising fast and are back to stratospheric levels. With European growth slowing and a potentially hard Brexit bound to hit the Irish economy, some wonder how these investments will ever generate a return. Time to worry again?
Greek Aspirations | Speaking of the euro crisis, its most troubled child plans to repay part of its loans from the International Monetary Fund ahead of schedule. This will allow Greek Prime Minister Alexis Tsipras to score political points by claiming he’s reduced the IMF’s exposure to Greece, and therefore the need for draconian oversight from the fund. But there may be too many ifs in the plan.
Trans-Atlantic Spat | EU governments are struggling to reach consensus on a mandate to begin trade talks with the U.S., risking a delay that would further provoke Donald Trump’s ire. At a meeting of EU ambassadors in Brussels tomorrow, France is expected to cite the U.S. president’s stance on climate change among the reasons for kicking the can down the road.
In Case You Missed It
Global Laggard | Europe’s position as the weak link in the global economy is becoming more entrenched. A German manufacturing gauge fell to the worst in almost seven years, while Italy’s industrial contraction deepened and a euro-wide measure put confidence and demand at factories at a multi-year low. ECB President Mario Draghi said the region’s economy still needs significant monetary-policy support to counter external risks that are weighing down growth and inflation.
Supervision Vacancies | Europe’s banking supervisor is facing an empty-chairs embarrassment, and it appears there’s little urgency at the ECB to fix it. What’s the rush? It’s not like the continent’s financial system is facing serious risks, such as a no-deal Brexit or a widening money-laundering scandal.
Spanish Deals | Wanna buy an entire village for as little as 85,000 euros? Spain’s countryside is dotted with hamlets that are being sold after their owners abandoned them. Adventurous foreigners and enterprising Spaniards are starting to be seen as part of the solution to the problem of rural depopulation, as they buy some of the hamlets, taking advantage of bargain prices.
Getting High | The world’s biggest cannabis producer wants to boost the market for medical marijuana in Europe. To lead the charge, it’s turned to an English countess who once drilled a hole in her head to get high. She really did.
Chart of the Day
About 0.9 percent of global GDP is exposed to Brexit trade risk, according to an analysis by Bloomberg Economics of OECD data. The U.K. is the most vulnerable major economy, with 10 percent of GDP at risk. Ireland isn’t far behind, at 9.7 percent. For the euro area as a whole, 2.7 percent of GDP is exposed. The WTO is due to release its latest trade forecast report today.
Today’s Agenda
All times CET.
- 8 a.m. EU’s chief Brexit negotiator Michel Barnier speaks at EPC event in Brussels on state of talks with the U.K.
- 9 a.m. Barnier speaks at the European Parliament’s Committee on Foreign Affairs
- 9 a.m. EU Parliament’s ECON committee holds public hearing with SRB Chair Elke Koenig
- 10:30 a.m. ECON committee also holds hearing with EU Commission Vice President Valdis Dombrovskis
- 12 p.m. WTO to issue its trade forecast report for 2019-2020, potentially lowering its projections due to the effects of Trump’s trade war
- 7 p.m. EU’s antitrust chief Margrethe Vestager talks about industrial policy at Res Publica event
- Prime ministers of the Netherlands, Belgium and Luxembourg hold Benelux Summit in Luxembourg
- Informal meeting of EU energy ministers in Bucharest
- EU Commission President Jean-Claude Juncker meets Italy’s President Sergio Mattarella in Rome
- NATO Secretary General Jens Stoltenberg holds a bilateral meeting with Trump at the White House
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