| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. The energy crisis spurred by Russia's invasion of Ukraine is triggering a wave of nationalizations in a bid to keep the lights on next winter. The French government will take full control of its financially-struggling nuclear giant EDF, while Germany rushes through legislation this week to rescue its own energy companies, like Uniper. The EU is set to announce its plan later this month for coordinated efforts to reduce gas demand, boost energy savings and better prepare for a complete halt in shipments from Russia. That will then be debated at an emergency meeting of energy ministers six days later, setting the stage for a summer of frantically filling up the region's gas storage before the cold sets in. — John Ainger Green Gas | Europe's decision to treat gas and nuclear power as green assets has set off a barrage of criticism from fund managers, climate activists and their lawyers, who say the bloc missed an historic opportunity to shape sustainable investing. Here's what the inclusion of the two energy sources in the EU's green rulebook means for investing and the environment. Defiant Johnson | Boris Johnson is desperately clinging to power after suffering an avalanche of resignations. Following a meeting of his inner circle, Britain's embattled prime minister went on the attack, firing Michael Gove — one of the Cabinet's remaining big hitters — in what one official described as revenge for a past act of betrayal. There are still ways for parliament to bring down Johnson. Brexit Plan | Despite Johnson's trouble, the post-Brexit battle rumbles on. Maros Sefcovic, the EU's chief Brexit negotiator, signaled the bloc could impose retaliatory trade measures on the UK over its planned legislation to override parts of the withdrawal agreement, saying the proposal "seriously harmed" the bloc's interests. Euro's Pains | With the European economy lurching toward a recession, traders are growing more convinced that the euro breaking parity with the dollar is imminent. The common currency is at a 20-year low as investors grapple with the possibility that Russia may cut off gas supply to Europe. Fiscal Cushion | Chancellor Olaf Scholz vowed to provide Germans with more financial support to ease the burden from the rising cost of living. His administration has passed two packages to cushion the impact of higher prices, and more measures will need to follow, he told lawmakers yesterday. French Strike | French railway workers walked out in a dispute over pay, adding to travel disruption across Europe that saw strikes at Paris's Charles de Gaulle airport last week. Unions representing workers at state rail operator SNCF are demanding higher wages to compensate for inflation. The action will add to pressure on President Emmanuel Macron to adopt measures to bolster consumer purchasing power. More Migrants | Germany needs more foreign workers and more efficient policies to integrate them into the labor market if the country is to keep its social security systems from collapsing in the future, auto supplier Continental said. It estimated that Germany could have 5 million fewer workers by the end of the decade. Grain Blockade | Ukraine's top diplomat cast doubt on a near-term breakthrough in talks to unblock crop exports from the war-ravaged nation's Black Sea ports, as fears of a global hunger crisis intensify. Foreign Minister Dmytro Kuleba said a number of logistical details need to be worked out in talks brokered by Turkey and the UN, though breaking the deadlock will be difficult. The recession calls are getting louder on Wall Street, but for many of the households and businesses that make up the world economy the downturn is already here. Their worries are illustrated by so-called Misery Indexes, which blend unemployment and inflation rates. The gauge for the US is already at 12.2%, similar to levels witnessed at the start of the pandemic and in the wake of the 2008 financial crisis, according to Bloomberg Economics. All times CET. - 3 p.m. German Chancellor Scholz attends ground-breaking ceremony for Volkswagen battery plant in Salzgitter
- Commission President Ursula von der Leyen leads EU delegation to the UN retreat in Long Island
- EU High Representative Josep Borrell participates in meeting of G-20 foreign ministers in Bali, Indonesia
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