| Volodymyr Zelenskiy didn't mince words during an interview at Davos on Wednesday, telling European leaders that they won't be able to protect Ukraine without the help of the US. |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Volodymyr Zelenskiy didn't mince words during an interview at Davos yesterday, telling European leaders that they won't be able to protect Ukraine without the help of the US. Even if Donald Trump were to convince Vladimir Putin to end the war, the Ukrainian president asserted that any peacekeeping force deployed in Ukraine would need to include American troops on the ground. "Nobody," he said, would risk sending forces if the US wasn't involved. Zelenskiy's blunt assessment comes as European leaders reassess their security policies in light of Trump's more isolationist views. Polish Prime Minister Donald Tusk underscored the message, when he called on EU member states to boost defense spending. "If Europe wants to survive," Tusk told the European Parliament, "it has to be armed." — Gian Volpicelli | |
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| Sanctions Stalemate | The EU is grappling with Hungarian Prime Minister Viktor Orban's refusal to extend sanctions against Russia, which are set to expire at the end of January. Renewing the measure requires the approval of all of the bloc's 27 member countries, and EU diplomats will hold meetings in coming days to persuade Orban that, contrary to his belief, they are not hurting Europe's economy. Chip In | Spanish Prime Minister Pedro Sanchez said in an interview with Bloomberg TV said he hopes that Telefonica's new management will provide a boost to Spain's semiconductor industry. Chairman Marc Murtra started this week after Sanchez ousted his predecessor, who was loathe to invest in new technologies. Elon Exiles | Swedish EV maker Polestar is hoping to use Elon Musk's adventures in global politics to their advantage and lure customers away from Tesla. "We get a lot of people writing that they don't like all this," Polestar CEO Michael Lohscheller told us about Musk's recent controversies. Polestar salespeople have been reaching out to disgruntled Tesla owners for to drum up business, he said. Grow Up | One of JPMorgan's most senior bankers said that he sees a need for larger banks across the continent — and that European banks need to get bigger to compete with his own. "For Europe, it would be better to have more pan-European champions," said Filippo Gori, co-head of the firm's global banking division. "We welcome competition as it makes us run faster. It is also good for Europe." | |
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| Clean Power | A surge of solar power output helped the green energy source overtake coal-fired stations in the EU for the first time last year, a report from climate think tank Ember shows. The milestone is the latest sign of coal's decline. United Front | Emmanuel Macron and Olaf Scholz called for unity and a stronger and more competitive European industry yesterday in the face of President Donald Trump's threats to upend transatlantic ties. The German chancellor stressed the need to protect the steel sector, which was targeted by tariffs during Trump's first term. Debt Impact | Interest costs pushed up UK government borrowing more than predicted last month, putting Chancellor of the Exchequer Rachel Reeves on course to overshoot official forecasts this year. In Davos, she told us that the country's finances are in order and growth is the Labour government's top priority. Cable Trouble | Finland's President Alexander Stubb said there's no conclusion yet about whether recent repeated damage to Baltic undersea cables was sabotage, telling Bloomberg TV that error and incompetence could also be to blame. Investigations into the shadow-fleet tanker Eagle S are ongoing in Finland after its crew pulled anchor in late December, dislodging four data cables and a power link from the seabed. On Fire | Governments around the world used to rely on neighboring countries when fires escalated into emergencies. No longer. Now that global warming has made fires more widespread and unpredictable, European countries are scrambling to upgrade their fire defenses — and having to compete internationally for planes, trucks and protective equipment. | |
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| The EU is facing mounting pressure to scale back its ESG reporting requirements. The French government is readying recommendations to scale back the Corporate Sustainability Reporting Directive, aiming for rules that are manageable, but "not costly for companies." Under the existing plan, CSRD would affect as many as 50,000 companies doing business in the EU, and larger companies would be required to report hundreds of ESG data points. | |
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| All times CET - EU Foreign Affairs Chief Kaja Kallas meets Luxembourg's Defense Minister Yuriko Backes
- 9 a.m. European Investment Bank President Nadia Calviño participates in panel at Davos
- 10:45 a.m. NATO Secretary General Mark Rutte takes part in technology panel at Davos.
- 11:30 a.m. Commission President Ursula von der Leyen helps launch the Global Energy Transition Forum at Davos.
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