Crypto News: Brussels Edition: 'Fever' nightmare for Macron

Welcome to the weekend issue of Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Join us on Saturdays for deeper dives from our bureaus across Europe.

PARIS — The French political world is still trying to figure out what really prompted Emmanuel Macron to take the daring — and perhaps foolish — step of calling early elections.

Some, only half joking, are wondering whether he was trying to channel the kind of grand plot twists that has made the French political drama "The Fever" must-see TV.

This week, Macron pulled out some extreme language, warning of a potential "civil war" if Marine Le Pen's far-right party or the left-wing alliance, which includes the far-left France Unbowed, wins the elections that start tomorrow and end on July 7.

This left many in his party puzzled. Why call for snap elections if you actually believe there's a risk of civil war?

His rivals jumped on this, calling it irresponsible scaremongering and accusing him of a "choose me, or it's chaos" strategy.

Others wondered if Macron is going full Marie Kinsky, referring to the right-wing stand-up comedian turned polemicist in the series.

Posters of candidate with photos of Marine Le Pen and Jordan Bardella as well as Front Populaire candidates. Photographer: JC MILHET/AFP

When Macron dissolved the National Assembly, he said a "fever" had overtaken the country's public and parliamentary debate.

But critics argue he's the one who sparked this fever.

He arguably called an election at the worst possible time — amid riots in New Caledonia over his voting rights reform; right before the Paris Olympics. And during the July holiday season, when half of France is away, forcing many to go through absentee voting.

The president is also putting his pledge to help Ukraine in jeopardy, after becoming one of its biggest cheerleaders.

And while he's urging voters to "analyze the political programs, decide, and vote," he set the election date just 20 days after his EU election defeat — the shortest campaign prep time legally possible.

Macron had also said earlier this year that he wouldn't hold national elections after a European ballot. Now, many question his word when he says he won't resign before his term ends in 2027.

France's love for political TV dramas isn't new. Macron's nickname, Jupiter — highlighting his top-down leadership style — is also the title of the first episode of "Baron Noir," a show about a socialist politician's rise to the presidency after betraying his allies.

— Ania Nussbaum, France reporter

Lifetime Fighting Putin's Aggression Drives EU's Next Top Diplomat

Estonian Prime Minister Kaja Kallas in her office in Tallinn. Photographer: Peter Kollanyi/Bloomberg

Having grown up under the Soviet occupation, Kaja Kallas was urging EU leaders to take the Russian threat seriously long before the invasion of Ukraine. When she became Estonia's prime minister, she thought foreign policy was her weak spot. She got to work, and with recommendations from other leaders, Kallas drew up a study program. And now that she's been chosen as the EU's next foreign policy chief, she's still at it.

After Oil, Russia May Now Be Building a Shadow Fleet for Gas

In the months that followed its invasion of Ukraine and punitive Western restrictions imposed in response, Russia amassed a shadow fleet to ferry its oil around the world. Now there is growing evidence Moscow has begun to do the same for liquefied natural gas.

Rich Latin Americans, Tourists Push Madrid Hotel-Investment Boom

Near where the Robert De Niro co-founded group Nobu Hospitality is transforming a central Madrid office building into a luxury hotel, an iconic edifice was just snapped up a Mexican investor, potentially to turn it into a five-star lodge. The projects are adding to the buzz that's made the Spanish capital a key destination for hoteliers — thanks to a tourism boom, a hot restaurant scene and an influx of well-heeled Latin Americans.

Irish Housing Crisis Turns Employers Into Reluctant Realtors

With Ireland's housing crisis showing few signs of abating, businesses are increasingly having to step in with staffing accommodation, including by buying or renting real estate. It's impacting firms of all stripes, although the services industry appears particularly afflicted.

Iceland's Debut Gender Bond Sets Template for Other Governments

Iceland sold a €50 million gender bond, a kind of debt that funds projects to promote women's empowerment. The sale was the first for a sovereign nation, with the innovation adding to a smorgasbord of ethical debt labels to appeal to investors with sustainable mandates.

How Denmark Is Nudging the Nation to Cut Back on Meat

Left: Green asparagus, aged cheese & wild plants, and right: Yogurt, pear, verbena & pine, at Geranium restaurant. Photographer: Claus Bech-Poulsen/Geranium

Danish chef Rasmus Kofoed has no regrets about going mostly meat-free at his three-Michelin star restaurant, even if the decision spurred a wave of hate. Now, Geranium has more customers than ever and is part of Copenhagen's reputation as a revolutionary culinary destination. Still, the domestic furor over its menu shows not everyone is ready for innovative plant-based cuisine.

Sunday: First round of French parliamentary elections
Monday: Hungary takes over rotating EU presidency
Monday-Wednesday: ECB Forum held in Sintra, Portugal
Thursday: EU deadline to introduce provisional tariffs on Chinese electric vehicles

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