EU Watchdogs, Greener Economy, China-U.S. Trade Talk: Eco Day

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Welcome to Thursday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Top banking watchdogs are warning European Union lenders to stop resisting new rules or risk weakening the financial system and undermining the bloc’s role defending global accords
  • Greece’s plan for using European Union funds to combat the effects of the coronavirus pandemic will accelerate the nation’s transition from fossil fuels to a greener economy, a government adviser said. A former British government minister said the U.K. should adopt a carbon border tax to help fight climate change
  • Switzerland refused to sign a treaty it hammered out with the European Union, a move likely to undermine relations with its biggest trading partner and potentially damage the economy
  • Germany and France said discussions on a global agreement on corporate tax rates were entering the home stretch and that a deal could be reached within weeks
  • European banks need to prepare for new capital requirements that will reflect how exposed their loan books are to climate change, according to Fitch Ratings
  • U.S. Trade Representative Katherine Tai and China’s Vice Premier Liu He had a “candid” first conversation as the two sides try to resolve some of their differences on trade. Meanwhile, the White House’s top official for Asia said the U.S. is entering a period of intense competition with China
  • A key Fed official said it will be important in coming months to begin discussing plans to reduce massive bond purchases if the economy continues to power ahead
  • Scrapping the Tokyo Olympics would inflict further damage on a Japanese economy already teetering on the brink of a double-dip recession, according to economists
  • In China, reticence among corporates to invest could slow the pace of economic growth this year and prolong a shortage of goods being felt around the world as demand picks up
  • Women are getting more jobs than ever in changing Saudi Arabia

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