Crypto News: Brussels Edition: EU takes on Temu

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

The EU is taking on another internet giant as part of its ongoing effort to curb illicit online activity. The bloc is set to launch an investigation into Chinese-owned e-commerce service Temu over accusations that it's failing to curb the sale of illegal products online, in a probe that could lead to hefty fines, we've learned. The investigation, whose timeframe may slip due to the pending change of commissioners in Brussels, takes place as economic tensions run high with China. The EU this week imposed higher tariffs on electric vehicles. The bloc has opted to send officials to Beijing to hold more talks aimed at finding an alternative to the tariffs, we've learned.

— Andrea Palasciano

More Intel| The EU should work with member states' spy agencies to create a bloc-level platform for cooperation, former Finnish President Sauli Niinisto recommended in a report commissioned by Ursula von der Leyen, dialing back initial plans for an EU intelligence service. The aim is to better synthesize intelligence from the bloc's members with a "fully fledged EU service for intelligence cooperation."

Baltic Surprise| The leader of Lithuania's Social Democrats, Vilija Blinkeviciute, unexpectedly bowed out of the race to become the next prime minister despite her party's victory in Sunday's election. The 64-year-old cited poor health and age. Her about-face was widely criticized in the media.

Deadly Storms | More than 60 people died as eastern Spain was hit by one of the worst storms in decades. Emergency services have been working to rescue people as flooding blocked traffic on highways and communications services collapsed. Europe's top diplomat Josep Borrell expressed his solidarity and shared hopes that the missing would be found alive.

No Rush | The ECB can afford to take a careful approach to lowering interest rates and officials should keep paying close attention to incoming information, according to Governing Council member Joachim Nagel. "Our data-dependent approach has proven its worth," he said.

Ukraine Truce | The next US president needs to push through a truce that would get Russia and Ukraine on board to end the war, Serbian President Aleksandar Vucic told us in an interview. While that may be hard for Vladimir Putin and Volodymyr Zelenskiy to accept, a proposal put forward by the winner of the Nov. 5 election is the only way out of a conflict now well into its third year, he said.

Think Oil | Oil has been making Norway rich, especially since Europe turned to alternatives to Russian energy. But it's also prompted some ethical questions. Now civil society organizations are putting together a panel of ordinary citizens to make recommendations on how the country's future oil and gas wealth should be used.

Baby Face | Just 20 years old when he was arrested last year, Pepijn Van der Stap was well-known among in the Dutch cybersecurity scene. But while protecting governments and companies internationally from data breaches, he also obtained stolen information from thousands of companies and millions of people. Read more about how the baby-faced cyber prodigy turned into one of Europe's most prolific hoarders of stolen data.

Enter WatchTok | He's foul-mouthed, he's Dutch, he has millions of followers and likes to dump on Swiss timepieces. Yet some storied luxury watchmakers are cozying up to characters like Nico Leonard and other watch influencers. They're eager to reach their vast audiences as the industry grapples with a slowdown after a Covid-era boom, compounded by a slump in the Chinese market.

German inflation quickened more sharply than expected, picking up to 2.4% in October, and exceeded the European Central Bank's 2% target – underpinning the challenges for policymakers in deciding on the pace and extent of further monetary-policy easing. Surprisingly strong growth numbers across the region might support arguments to maintain more gradual easing. Even Germany avoided the recession it was widely tipped to endure.

All times CET

1 p.m. European Parliament President Roberta Metsola participates in a banking conference in Madrid

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