| Just a few months ago, it was common to hear EU leaders express concern that the continent was becoming a museum. Fast forward to now, and things are starting to look different. |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Just a few months ago, it was common to hear EU leaders express concern that the continent was becoming a museum. While its industry withered, there was a growing perception that Europe was simply unable or unwilling to compete against China and the US. Fast forward to now, and things are starting to look different. Europe's financial markets are being shocked back to life as Donald Trump's drive to reshape global trade and destroy the pax Americana undermines America's decades-long dominance. Across all kinds of assets, the region is trouncing America. The euro is the strongest its been in three years, and German bonds beat Treasuries last week by the widest margin ever. Even shares of European companies are proving more resilient than their peers across the Atlantic. As one fund manager put it, "the museum is now coming to life." —John Ainger Brussels Edition is taking a break over Easter and will be back Tuesday, April 22. | |
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| Migrant Deal | The UK is seeking an agreement on irregular migration with the EU that would allow it to broker returns with individual member states. The deal would aim to reduce the number of immigrants reaching Britain from the continent.
Turbulent Times | The ECB is widely expected to cut interest rates for a seventh time today. A pause seemed much more likely until Trump announced his tariffs, darkening the economic outlook. Signs are now pointing to a quicker slowdown in inflation, though the volatile backdrop means President Christine Lagarde may still keep her options open.
Cut Down | The EU is directing its red tape-cutting machine at rules to combat deforestation, which are due to kick in at the end of the year. The commission announced various "simplification" measures to help importers show that they've done the necessary paperwork. The deforestation law has been widely criticized as overly bureaucratic. China Outreach | China needs to revise its industrial policies if it wants to build stronger international economic ties as Trump's tariffs upend the global trade system, according to the President of the EU's chamber of commerce in China. The warning came as the WTO slashed its global trade forecast this year. | |
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| Ukraine Aid | The Trump administration appears to have tempered its demand that Ukraine pay $300 billion to the US for the military aid it's received since the start of Russia's full-scale invasion. The US has since reduced its estimate to about $100 billion, closer to Ukraine's own estimates, we've learned. Russia Rebuke | Slovak Prime Minister Robert Fico rebuked top EU diplomat Kaja Kallas for urging leaders to cancel plans to visit Moscow for celebrations marking the 80th anniversary of the Soviet Union's victory in World War II. You "can't tell me what I can and can't do," Kallas responded.
Virgin Territory | Antitrust regulators are looking into whether Universal Music Group's $775 million bid for Downtown Music Holdings LLC could unfairly impact artists signed to independent labels. If the European Commission pursues a deeper investigation, it could force the company to tweak the terms of the Virgin Music-led deal.
Risky Reward | European companies are trying to work out the potential risks and rewards of returning to Russia in the event of a Ukraine peace deal. But the Russian market isn't what it once was, leaving many with a tricky decision to make. | |
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| The days have only just started to get longer, but renewables output is already so strong that Europe's nuclear reactors have been forced to make costly adjustments. Solar is set to flood the region's grid and send power prices plunging in coming months, which would force plants to dial back. France, which has the continent's largest fleet, has recently cut output at some reactors, adding to a debate about whether renewables generation needs to be curbed to safeguard the viability of other critical energy sources. | |
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| All times CET - 2:15 p.m. ECB rate decision, followed by Lagarde news conference
- Italian Prime Minister Giorgia Meloni meets with Trump in Washington
- EU enlargement commissioner Marta Kos delivers keynote speech at the "EU Meets the Balkans Forum" in Sofia
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