Unconventional Convention, U.K. Jobs, French Outlook: Eco Day

(Bloomberg) -- Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the week:

• Global central bankers are discovering that monetary policies they once viewed as unconventional and temporary are now actually proving to be conventional and long-lasting
• Prime Minister Boris Johnson will send his Brexit law-breaking proposals to Parliament this week, facing criticism at home and abroad and a growing rebellion from his own MPs. The U.K. and EU chief Brexit negotiators sparred on Twitter over claims that food imports to Northern Ireland have been threatened in the talks
  • The U.K. will see more than twice as many job losses in the coming months than in the recession following the financial crisis. Meanwhile, a new cap on social gatherings in the U.K. is due to start Monday as coronavirus cases rise sharply
• President Christine Lagarde said recent euro appreciation has partly offset the positive impact that the European Central Bank’s stimulus had in boosting inflation
• Just because Germany has embraced a massive fiscal binge to address the coronavirus crisis, don’t assume the country has suddenly fallen in love with debt
• The French government will raise its economic outlook for this year after consumer spending rebounded more strongly than expected once the lockdown aimed at containing the spread of the coronavirus ended
• Japanese Chief Cabinet Secretary Yoshihide Suga was elected leader of the ruling Liberal Democratic Party by an overwhelming majority, ushering in the country’s first change of prime minister in almost eight years. Here are five charts that illustrate the economic challenges the new leader faces
• Fed Chair Jerome Powell can expect questions this week on what extra steps the central bank will take to support growth
• Turkey had its debt rating cut deeper into junk by Moody’s Investors Service, which warned of a possible balance-of-payments crisis in assigning the lowest grade it’s ever given to the country
• A draft bill in Indonesia that would effectively curb the central bank’s autonomy is prompting questions about how Asian markets will finance ballooning budget deficits -- and whether investors will punish them for it
• South Korea has the widest gender pay gap in OECD countries, and it’s set to worsen amid the pandemic
• Growing distrust of China has prompted a rush by Taiwanese investors to move their money back home, boosting Taiwan’s economy
• Of the six major emerging-market central banks due to decide policy in the coming week, only one -- South Africa’s Reserve Bank -- is forecast to lower borrowing costs, extending a pattern that saw others keep rates unchanged this month

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