Crypto News: Brussels Edition: Hanging by a thread

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

Moldovan President Maia Sandu was set for a first-round victory in Sunday's contest, but her bid to secure further support with a referendum on joining the European Union unexpectedly hung by a thread. A vote on accession – a move that could cement Sandu's westward tilt and bolster her effort to pry the country from the Kremlin's grip – remained too close to call early Monday. That defied polls showing a consistent majority of voters in support of becoming an EU member. Sandu took aim at what she called an "unprecedented assault on our country's freedom and democracy" as authorities said Moscow had aimed to undermine support. That included alleged attempts to buy off some 300,000 votes – "a fraud of unprecedented scale," Sandu said. Ballots were still being counted – primarily from Moldovans voting abroad, a group that overwhelmingly supports Sandu's aims.
— Samuel Stolton

Ukraine Endgame | Ukraine's vision for ending Russia's invasion won favor among NATO allies, as US President Joe Biden backed more aid for the war-torn nation, though divisions remain within the alliance, we're told. Biden said during a visit to Berlin that support for Ukraine should continue until it wins a "durable peace."

Ratings Rebalancing | France was downgraded by Scope Ratings in another warning on the state of the country's finances and the political impediments to containing a ballooning budget deficit. By contrast, the outlook on Italy's credit status was raised by Fitch Ratings, an unexpected win for Prime Minister Giorgia Meloni.

Green Labels | As the EU churns out tougher environmental laws for businesses, UBS bankers are being pressed to rein in the use of sustainable product labels. The legal guidance is to avoid accusations of greenwashing, we've been told.

BMW Setback | The car trade between the EU and China is facing further hurdles. BMW was forced to recall nearly 700,000 vehicles in China over safety fears, after a steep drop in deliveries to the country earlier this year.

Russian Hacking | First Moscow meddled in Moldova's EU referendum. Now it has emerged that Putin's spies embarked on a major snooping campaign in Georgia between 2017 and 2020. Georgia faces crucial parliamentary elections this week.

Macron's Moan | Emmanuel Macron's authority is taking a hit since he lost his parliamentary majority. His recent tirade against leaked remarks he made on Israel reveals a newfound frustration with his diminished power in France.

Scholz's Workforce | Olaf Scholz needs a new generation of workers to power Germany's future industrial revolution. The German chancellor is courting migrant workers to fill the gap — and as many as 400,000 might be needed.

Meloni's Migrants | Italian Prime Minister Giorgia Meloni is standing firm on her vow to deport asylum seekers to Albania despite a legal setback. Over the weekend, 12 Albanian migrants were shipped back to southern Italy, following a court ruling.

Donald Trump's tariff threat has sparked widespread concern among European executives — perhaps even more so than their US counterparts. In earnings calls by European companies the word "tariff" has sprung up consistently, outpacing instances on US calls by a ratio of 5 to 2 in October. Swedish car manufacturer Volvo said the prospect of a Trump presidency and accompanying tariffs is making profit harder to predict.

All times CET

8:45 a.m. EU agriculture ministers meet in Luxembourg
6 p.m. Former Italian Prime Minister Enrico Letta presents his report on EU's internal market to the European Parliament
Commission President Ursula von der Leyen meets European Parliament President Roberta Metsola and political group leaders in Strasbourg

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