Crypto News: Brussels Edition: Von der Leyen advances

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

EU leaders sealed the nomination of Ursula von der Leyen to continue as commission chief, although she still needs the blessing of European Parliament lawmakers. And before the top jobs package was completed — with Portugal's Antonio Costa as the EU summit helmsman and Estonia's Kaja Kallas as the bloc's top diplomat — the new team got a taste of the difficult period ahead. Chancellor Olaf Scholz angered other leaders with his opposition, together with the Netherlands, to pursuing options for common funding for defense. Then he teamed up with France's Emmanuel Macron to try to reopen the bloc's strategic roadmap for the next mandate after the text had been settled in weeks-long discussions.

— John Ainger and Jorge Valero

Final Days | Macron's decision to call a snap election has upended markets across the region, triggering a sharp repricing that's put billions of euros in flux. On Sunday, investors will find out if the selloff has room to run. Here's a guide to how the election works and what's at stake, with the far-right expected to secure the most votes.

Hosting Refugees | Germany, Poland and the Czech Republic asked the EU for financial support to help cover the cost of hosting Ukrainian refugees since the three countries have taken in more than half of those that have come to the bloc since Russia's invasion.

Security Deal | Ukrainian President Volodymyr Zelenskiy signed an agreement for a long-term security commitment with the EU as western allies pledge to maintain military and political support for Kyiv. It formalizes a raft of initiatives to support the government in Kyiv. Here are a few.

Chinese Miscalculation | Beijing misjudged the impact on its relationship with Europe when it provided support for Russia's war in Ukraine, America's top diplomat in China told us. The EU is now acting in "outright opposition" to China's support for Moscow, according to Nicholas Burns.

Deforestation Fight | The EU should postpone a regulation to tackle deforestation beyond its borders and use the time for a revision that would reduce the bureaucratic burden, according to a senior lawmaker. It adds to the barrage of voices that have been calling for a delay — including the US.

Bond Scare | German Finance Minister Christian Lindner said it could be illegal for the European Central Bank to intervene if the French election triggers a dangerous selloff in the country's government bonds. Tools available to the ECB under its Transmission Protection Instrument "would also test the German finance minister to see whether all this is still in line with treaty law," Lindner said at an event in Munich.

Shadow Fleets | 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. There is growing evidence Moscow has begun to do the same for liquefied natural gas.

Racist Jokes | Two members from the youth wing of Giorgia Meloni's party have resigned from their posts after they were caught on camera making remarks that officials judged to be racist and antisemitic. Since taking office in late 2022, Meloni has sought to distance herself from her party's roots in Italy's post-fascist movement.

More Streaming | FIFA is seeking to raise as much as $2 billion for the expansion of FIFA+, the free streaming service launched by football's global governing body to offer live coverage of matches, we're told. The federation is working with Swiss lender UBS to raise cash to fund new tournaments.

Heat Wave | Scorching temperatures in Europe are set to intensify next month. Greece, Spain and Italy will experience the hottest conditions in July, according to meteorologists surveyed by Bloomberg, while below-average temperatures are expected for Germany, France and the UK, but could turn warmer by the end of the month.

Leaders from Poland and the Baltic states implored the EU to step up support for an initiative to bolster defenses on the bloc's eastern frontier, citing the intensification of military and hybrid threats from Russia and Belarus. The Baltic nations are building a defensive line along the border with Russia and Belarus that includes anti-tank barriers, trenches and fortifications.

Balkan region foreign ministers meet at a forum in Dubrovnik, with the EU's special envoy for the Belgrade-Pristina dialogue, Miroslav Lajcak, attending
Health Commissioner Stella Kyriakides visits Cyprus

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