| US President Donald Trump has made clear to his European counterparts that they need to take responsibility for their own defense. |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. US President Donald Trump has made clear to his European counterparts that they need to take responsibility for their own defense. The latest turn suggests they're starting to listen: the EU is looking to release hundreds of billions of euros in additional defense financing in what would be the region's biggest security initiative since the Cold War, we've learned. The money would come via repurposing existing funds, changing fiscal rules to free up national resources, and potential joint funding. At the same time, Germany is seeking to fast-track a debt-financed defense fund of up to €200 billion to shore up its armed forces. EU leaders will hold an emergency meeting next week to see how well prepared the bloc is to respond to a possible US withdrawal from the region. — John Ainger | |
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| Embassy Diplomacy | Russian Foreign Minister Sergei Lavrov said that delegations from Russia and the US will meet in Istanbul today to discuss restoring the functioning of their embassies in Washington and Moscow. Trump and Putin plan to hold a summit in the near future, but no date has been set. Carbon Tap | The EU announced the creation of a €100 billion decarbonization fund yesterday designed to boost the bloc's industrial competitiveness when carbon market rules change next year. The idea is to help industry cut emissions without saddling them with extra costs. Financing will largely come from existing EU sources, but some has been earmarked from the bloc's carbon markets. Trade Confusion | Trump delivered a series of apparently contradictory answers about his plans to enact tariffs on Canada and Mexico, as well as the EU. After offering an uncertain timeline on measures in North America, Trump was asked about a decision on an EU tariff. The US president said those duties would be 25%, but then launched into remarks about tariffs on automobiles and other topics. Crunch Time | EU competition chief Teresa Ribera has promised to wrap up investigations into Apple and Meta by the end of March, putting the bloc in a delicate position: if it hits the tech giants with heavy penalties, Trump tariffs could be looming on the horizon. | |
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| Romanian Probe | Romania's far-right presidential candidate Calin Georgescu was charged on six counts related to his electoral campaign on Wednesday, including membership in a racist organization and providing a false statement about campaign financing. While tensions are mounting over whether his presidential run will continue, his polling remains strong ahead of the May vote. Merz to Paris | French President Emmanuel Macron was set to host the presumptive next German chancellor, Friederich Merz, for a work dinner today to talk about Ukraine and other subjects, his office said. It'll be Merz's first foreign trip since his election win on Sunday. ECB Overture | A top ECB official said the watchdog is working to speed up its assessments of lenders' calculations of their financial strength in a step that may improve the bank's strained relations with the industry. Several banks have expressed frustration with the time it takes the ECB to examine the models that determine how much capital they will need. Banking Worry | The European Banking Federation is warning that the sheer scale of a proposed rollback of the bloc's ESG rules will make it harder for lenders to analyze credit risk. This came as the commission unveiled a major retreat from its ESG rules. Spotify Fight | Spotify is pressing the EU to take bold action against Apple for allegedly violating the bloc's Digital Markets Act. Spotify chief Daniel Ek told us that Brussels regulators shouldn't cave in to Trump's transatlantic threats. | |
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| A high court in Bosnia-Herzegovina has sentenced Bosnian Serb leader Milorad Dodik in absentia to one year in prison for defying the country's top international overseer, barring him from office for six years. The 65-year-old Dodik, who counts Russian President Vladimir Putin and Serbian President Aleksandar Vucic as allies, has vowed to step up his secession efforts for Republika Srpska, the Bosnian Serb entity that he leads. In January he also called for a referendum on its independence if he's convicted, a move which would effectively dissolve one of Europe's most fragile states. | |
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| All times CET - EU top diplomat Kaja Kallas and European Parliament President Roberta Metsola in Washington.
- Economy commissioner Valdis Dombrovskis takes part in G-20 finance minister and central bank governors meeting in Cape Town
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