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Brussels Edition: Brexit Marathon, Von der Leyen Setback

Brussels Edition: Brexit Marathon, Von der Leyen Setback

(Bloomberg) -- Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

Brussels and London have been hammering out most of their differences over the past 48 hours in talks that continue this morning. But a deal between Brexit negotiators wouldn’t be enough for a happy end. We’ve been here before, only for the accord to be shot down by the Conservative government’s Northern Irish allies and the U.K. Parliament. Today, we’ll find out two things: if the talks have made enough headway to present a legal text to EU leaders tomorrow, and — crucially — whether whatever was agreed in the negotiating room might have a chance of winning political backing in the U.K.

What’s Happening

Balkan Block | North Macedonia’s premier is in Brussels today, hours after France derailed an EU push to start membership negotiations, dismissing warnings that political stability in the Balkans could be at stake. The debacle pushed the whole controversy onto the already-crowded agenda of tomorrow’s summit. Brexit, Syria, climate change and the bloc’s budget will also be discussed.

Juncker’s Extension | After three rejections of commissioner-designates and a rebuke by Emmanuel Macron, Ursula von der Leyen will probably suffer another setback today, as the EU Parliament is expected to confirm that she won’t be able to succeed Jean-Claude Juncker as president on Nov. 1. Though not unprecedented, the delay adds to signs that von der Leyen won’t have an easy time with the fragmented EU assembly over the next five years.

Happy Face | Following months of strained relations, Angela Merkel and Emmanuel Macron will make a show of unity by touring an assembly line of Airbus, a rare example of successful European cooperation. The two leaders and their cabinets will paper over differences and try to advance a range of military and technology projects.

5G Risks | Huawei has agreed to be picked apart by European lawmakers today in an effort to convince EU countries its products can help them become leaders in 5G, despite concerns the Chinese equipment giant could aid Beijing’s spying. The event, jointly hosted by Huawei and center-left and center-right MEPs, kicks off in the European Parliament at 6 p.m.

In Case You Missed It

Spend and Hope | The port of Calais on France’s northern coast has spent 6 million euros on facilities for customs officers, updated signage around freshly painted roads and huge extra parking lots for trucks. It’s a similar story across the continental coastline, and it may all end up being pointless. William Horobin explains.

Greek Waterfall | Things are looking much better for the once-embattled Mediterranean nation, but Greek banks still have a 75 billion-euro pile of toxic debt. The government has set out a blueprint to shrink it, and it involves waterfalls.

Bulgarian Racists | Bulgaria’s top soccer official stepped down and Europe’s governing body brought charges after racist chanting interrupted the country’s Euro 2020 qualifier game against England. The match, which Bulgaria lost 0-6 at the national stadium in Sofia, drew sharp criticism from the U.K. and elsewhere after television footage showed groups of black-masked fans shouting bigoted epithets against the visiting players. 

Italian Wines | Feel like celebrating Brexit today? We have some suggestions from the cellars of the single market: These Italian whites have been earning collectible status.

Chart of the Day

Brussels Edition: Brexit Marathon, Von der Leyen Setback


Italy’s debt rose almost to the highest level on record, adding urgency to the government’s clash over the 2020 budget. The country’s public debt increased to 138% of gross domestic product in the second quarter, according to Bloomberg calculations based on new data released by the Bank of Italy.

Today’s Agenda

All times CET.

  • 2 p.m. Commission President Juncker delivers a speech at the Tripartite Social Summit, hosts the inaugural ceremony of the European Labour Authority and speaks together with Slovakia’s Prime Minister Peter Pellegrini
  • 2 p.m. EU government envoys in Brussels due to take stock of Brexit ahead of EU Summit
  • ECB Chief Economist Philip Lane speaks in Washington
  • Bundesbank President Jens Weidmann and ECB Governing Council member Francois Villeroy del Galhau speak in New York
  • Bank of England Governor Mark Carney speaks at event at Harvard Kennedy School with Larry Summers

--With assistance from John Ainger and Natalia Drozdiak.

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net, Chris Reiter

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