Crypto News: Brussels Edition: Berlusconi's ghost

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

Even from beyond the grave, Silvio Berlusconi is exerting a pull over Italian politics. The late leader's heirs are plotting to restore his Forza Italia party to its former glory after being relegated to the role of junior partner in Prime Minister Giorgia Meloni's coalition. The billionaire's children, Marina and Pier Silvio Berlusconi, have enlisted the help of former European Parliament President Antonio Tajani, who serves as Meloni's deputy and foreign minister. The aim is to rejuvenate the aging party ranks and ultimately to challenge Meloni's socially conservative leadership. With the premier recently dealing with domestic political clashes and skirmishes with Brussels over Rome's budget plans, there's a sense that the Berlusconi clan is already mobilizing behind the scenes.

—Samuel Stolton

Chinese Response | Beijing is poised to use carrots and sticks in its response to the EU's decision last week to boost tariffs on Chinese electric vehicles. European nations that backed the additional levies are more likely to suffer from any retaliatory moves. The two powers have nonetheless pledged to keep negotiating to find an alternative to tariffs.

Tariff Surprise | Using tariffs to shield an industry can have unintended consequences, as the tale of two towns in Alabama and Virginia show. It's a reminder as Donald Trump is running for reelection by proposing a 10% to 20% levy on all imports that would be imposed along with more duties on imports from China.

IPO Push | The European Investment Bank is looking to fund the costs of tech startups that want to go public, potentially by acting as a cornerstone investor in initial public offerings. The aim is to bring down barriers to capital and to boost competitiveness.

Mideast Fears | Liquefied natural gas shipments are being diverted away from Asia to Europe, as fears grow of a broader Middle East war. The diversions come as European futures jumped on concerns about the risk.

Emissions Delay | Stellantis dealers urged the EU to delay stricter CO2 emissions rules next year, claiming the crackdown hurts the auto industry. It joins French rival Renault in seeking a postponement of the 2025 rules.

Treading Water | Finance Minister Christian Lindner said the German economy was "treading water" and that an overhaul was needed to put it on the road to recovery. He spoke after data showed factory orders plunged in August and before industrial production figures due today.

EU Growth | The euro area meanwhile will grow close to the EU's 0.8% forecast despite geopolitical headwinds, Economy Commissioner Paolo Gentiloni said. Recent indicators had suggested the European economy was losing momentum.

Respect Rules | France will present a budget plan this week that will be in line with EU rules, said Finance Minister Antoine Armand. French fiscal policy is in focus after the new government announced slippages in lowering the budget gap to within the EU limit of 3% of economic output.

Slovak Support | Slovakia threw its support behind Ukraine's EU bid, but in return it wants Kyiv to keep Russian gas flowing to Europe. A transit deal for Russian shipments via Ukraine is due to expire in December.

Commerzbank's shares were up as much as 2.4% on Monday, hitting the highest level since August 2011, after the German lender said it's fast-tracking strategic planning while it prepares for a potential UniCredit takeover. Commerzbank is working to shore up investor support after UniCredit last month revealed it owned a large stake and said a takeover is an option. New CEO Bettina Orlopp Orlopp said the lender's strategy planning would be brought forward because the bank wants "to have a basis for comparison in case UniCredit offers us a merger."

All times CET

8 a.m. EU finance ministers meet in Luxembourg
2:30 p.m. Weekly meeting of European Commissioners
2:30 p.m. Hungarian Prime Minister Viktor Orban briefs at the European Parliament
3:45 p.m. NATO chief Mark Rutte holds joint news conference with Finnish President Alexander Stubb
5:30 p.m. European Parliament President Roberta Metsola speaks at event marking last year's Oct. 7 attacks on Israel

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