Crypto News: Brussels Edition: A populist playbook

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

Robert Fico gained power by tapping into the frustrations of working-class voters in small towns. But Slovakia's premier is aiming to sustain it by borrowing from the playbook of Hungary's Viktor Orban — courting Chinese money and Russian fossil fuels from inside the EU. It's a strategy that is gaining ground elsewhere, and causing problems for the the bloc as its efforts to form a united front get regularly undermined. But it's also a high-wire act for populists like Fico. As he seeks to play the EU and China off each other, Slovakia could be caught in the middle.

— Max Ramsay

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Gas Pressure | EU energy ministers will discuss how prepared the region is for winter when they meet in Luxembourg today, with less than three months until a key gas transit agreement between Moscow and Kyiv expires. The need to maintain energy security has already forced the bloc to seek new gas suppliers, while France is looking to better track flows of Russian LNG.

New Penaties | The EU backed a package of sanctions targeting Iran for providing Russia with ballistic missiles, including restrictions on Iran Air and two procurement firms. Iran has provided Moscow with attack drones and other weapons during its war against Ukraine, but the transfer of ballistic missiles marks deeper involvement in the conflict.

Merger Time | A potential takeover by UniCredit of rival Commerzbank would likely get regulatory approval, we're told by senior central bank and supervision officials. They said the European Central Bank would probably give the offer a green light, with few reasons a deal would raise concerns.

Playing Catchup | As China moves away from combustion-engine cars, Volkswagen, Mercedes and BMW are struggling to offer EVs that appeal to customers in their largest and most lucrative market. Read more in our Big Take about how that's putting €35 billion of investment on the line. Meanwhile, trade negotiations between the EU and China at avert tariffs have been plagued by major disagreements, we're told.

Bank Disposal | Greece has rapidly exited its stakes in banks. Other European countries are trying to do the same — returning banks to private hands from Ireland and Italy to the UK and Germany. The process has the potential to reignite banking consolidation and reshape an industry that has long trailed Wall Street.

Cargo Strikes | A Russian missile hit a cargo ship in Ukraine for the fourth time this month, as the Kremlin ramps up its attacks on Kyiv's trade infrastructure. The cost of insuring vessels that transit Ukraine's shipping corridor in the Black Sea jumped last week after the uptick in attacks.

Cutting Taxes | Italy's government is targeting €4 billion from companies by adjusting some tax thresholds and eliminating certain tax deductions, we're told. Finance Minister Giancarlo Giorgetti's team needs to raise money to help fill a €9 billion shortfall in a last-minute budget tweak, which will be finalized this evening to meet an EU deadline.

State Stake | To protect jobs and production in France, the country's government is looking at options including taking a stake in the consumer-health business that Sanofi is in talks to sell to a US buyout firm. Paris wants the unit, called Opella, to keep its headquarters, investment and research in France, according to the finance ministry.

Colonial Legacy | The long-lasting impact of Europe's former empires on growth forms the basis of research by three US-based academics who shared this year's Nobel Prize in economics. They were praised for their analysis of how prosperity can come about, and the importance of institutions in that process.

Common Ground | Many cities, like Barcelona, have introduced restrictions on short-term rentals to tackle high rents and over-tourism. We explore both sides of the issue to find out how Airbnb hosts and frustrated locals can meet in the middle.

A scandal over the handling of internal party procedures is hitting Ireland's largest opposition group, Sinn Fein, and may damage its electoral performance. Until just months ago, the party, whose key tenet is Irish reunification, was leading government coalition parties in polls. Ireland must hold an election by March 2025 but it could be called sooner.

All times CET

EU affairs ministers meet for General Affairs Council in Luxembourg; EU energy ministers also meet in Luxembourg
EU-Albania intergovernmental conference takes place in Brussels, with a news conference at 9:20 a.m. from Hungarian Foreign Minister Peter Szijjarto and Albanian Prime Minister Edi Rama
EU-Gulf Cooperation Council Ministerial meeting takes place in Brussels, with doorsteps from 6:15 p.m.
G-7 meeting on technology and digital issues takes place in Cernobbio, Italy