Crypto News: Brussels Edition: Stumbling over migration

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

EU leaders will have their hands full when they meet in Brussels today to forge agreements on issues where consensus has proved elusive. Migration will top the agenda after Germany introduced border checks and Poland announced plans to tighten asylum rules to stem illegal arrivals. At risk are the EU's nascent migration policies and the borderless Schengen area — arguably one of the most cherished achievements of the European project. There'll be plenty of other challenging issues, including how to bolster economic activity in the face of mounting competition from China and the US. Ukrainian President Volodymyr Zelenskiy will also attend to explain his "victory plan."

—Lyubov Pronina

Slashing Rates | The ECB is set to lower interest rates today for a second straight meeting in response to the rapid retreat of inflation and a deteriorating economy. Just five weeks after the last reduction, analysts polled by Bloomberg unanimously predict that the deposit rate will be decreased by another quarter-point to 3.25%.

Maltese Market | EU tariffs are unlikely to stop the dizzying expansion of BYD, which has now entered roughly 95 markets, including 20 new ones just this year. Read our story on how no country has been too small in the Chinese auto giant's quest for EV growth.

Ammo Push | NATO chief Mark Rutte urged member states to make more weapons and ammunition as he confirmed the alliance is on track to spend €40 billion this year for Ukraine. Since taking the reins this month, the former Dutch premier has focused on NATO's need to ramp up investments in the defense industry.

Fair Talks | Meanwhile, Ukraine's president presented to lawmakers his vision for ending Russia's invasion without accepting a frozen conflict or trading territories for peace. Kyiv is open to negotiations as long that entails a "fair diplomatic process,'' Zelenskiy said.

Swiss Bailout | Switzerland has decided not to fully implement the latest package of EU sanctions against Russia, saying Swiss law already allows measures to prosecute subsidiaries of companies based in the country. The Social Democrats, the country's second-biggest party and a member of the government, called the move "scandalous."

Raising Billions | France's National Rally outlined a fiscal wish list that includes taxing "superdividends" and share buybacks. The far-right opposition party said it will abstain from a no-confidence motion as long as the government does more to cut debt and to increase "fiscal justice."

Surrogacy | Italy passed a bill that will impose prison terms on parents who use surrogates to have children abroad — even if the process was carried out legally. Surrogacy has been long illegal in Italy, but in a bid to assert its socially conservative credentials, Prime Minister Giorgia Meloni's government pushed the law further.

Space Jobs | Airbus plans to cut up to 2,500 jobs at its defense and space division to streamline a business that's racked up charges and suffered from stiff competition. The reductions, equivalent to about 7% of the unit's 35,000 workforce, will be implemented by mid-2026.

Police Case | Slovenian Prime Minister Robert Golob said he'll fight a criminal complaint lodged against him by his former interior minister, who alleges the premier illegally meddled in a police overhaul at the start of his term. Golob has denied any wrongdoing.

Costly Wine | If climate change and the changing tastes of younger generations weren't enough, here is another challenge for the wine industry: the soaring cost of their debts. Read our report on how Italian producers are feeling the pinch of rising interest rates.

Air-France KLM is lobbying the French government to cap the number of flights that mainland Chinese carriers can make to Europe in a bid to protect European airlines from unfair competition. Deutsche Lufthansa meanwhile is pushing for Germany's government to take the lead in challenging Beijing over the issue.

All times CET

EU leaders summit in Brussels
NATO defense ministers meet in Brussels
10:30 a.m. Commission Vice President Margrethe Vestager speaks with European Parliament committees
2:15 p.m. ECB interest rate decision
EU trade ministers informal meeting in Budapest

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