Brussels Edition: Climate Clash, Lagarde’s Edge, Facebook Crackdown
Brussels Edition: Climate Clash, Lagarde’s Edge, Facebook Crackdown
(Bloomberg) -- Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
Brace for another fight about how to save the world. Environment ministers meeting in Luxembourg today are set to discuss how they can reach the ambitious target of zero net emissions by 2050, laying the groundwork for a summit of European leaders later this month. The debate will be lively, with Poland arguing it first needs to know how the EU will help it foot the bill for going green.
What’s Happening
Brexit Countdown | The EU gave Boris Johnson a week to revise his proposed Brexit deal or face a humiliating extension. In London, Johnson is considering his plan B.
Job Description | Christine Lagarde’s future role as president of the ECB is being transformed even before she takes office. A job that was long the reserve of technocrats engineering monetary responses to the euro area’s economic challenges now increasingly requires the skills of a political campaigner who can encourage countries such as Germany to change their ways.
ECB Openings | Convincing Berlin to spend more won’t be Lagarde’s sole challenge. The incoming ECB chief will take over at a time of change at the central bank’s upper echelons. Euro-area finance ministers will next week nominate Bank of Italy’s Fabio Panetta to replace Benoit Coeure on the Executive Board and call for candidates to succeed Sabine Lautenschlager after her surprise resignation.
Election Time | Portuguese voters head to the polls on Sunday for a general election in a country that’s become an island of political stability among its EU peers. (Neighboring Spain is about to hold its fourth election in as many years.) Opinion polls show that Socialist premier Antonio Costa is expected to win a new mandate, but will continue to need backing from other parties to govern.
In Case You Missed It
In House | Ursula von der Leyen will earn more than 25,000 euros a month as EU president, but she won’t be spending it on rent. She plans to live in a 25-square-meter studio inside the EU Commission’s headquarters instead. Here’s why.
Facebook as Cop | The social media giant was told by the EU’s top court that it can be forced, in some cases, to remove posts anywhere in the world to protect European citizens from hateful content. The EU is taking a tougher stance on citizens’ online rights than elsewhere in the world, and this ruling further widens the gap with the U.S. on issues of freedom of speech and privacy.
Here’s Hoping | The EU still hopes to reach a deal with the U.S. that would avoid an escalation of the trade dispute over Airbus. “Until the American tariffs take effect, we haven’t given up” on the idea of reaching a “negotiated solution,” Trade Commissioner Cecilia Malmstrom said.
Popping Corks | Mortgage holders in Warsaw popped champagne and wept for joy after the European Court of Justice opened the way for loans denominated in Swiss Francs to be ruled void or converted into zloty. Bank stocks fell 1.1%, though analysts said it wasn’t an outright victory for borrowers.
Chart of the Day
U.S. President Donald Trump’s administration is preparing to impose tariffs on European exports, ranging from wine and spirits to cheese and airplanes, after the World Trade Organization authorized $7.5 billion in U.S. duties against the EU. This would deliver a serious blow to Europe’s aircraft industry and hit export orders for U.S. manufacturers, according to analysis by Bloomberg Economics.
Today’s Agenda
- EU environment ministers will hold a policy debate on the bloc’s vision for a climate-neutral economy
--With assistance from Viktoria Dendrinou, Zoe Schneeweiss and Joao Lima.
To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net, Chris Reiter
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