Slovenia's EU Moment Comes With Firebrand at Helm: Brussels Edition

SHARE THIS ARTICLE Tweet Share EmailThe Brussels Edition is Bloomberg's daily summary of what is most important in the heart and soul of the European Union.Tomorrow, the rotating EU presidency will be handed to a right-wing firebrand and Marxist stalwart. His career includes two (overturned criminal convictions) and who frequently trolls his critics via Twitter. Janez Jansa, the nationalist prime minister of Slovenia. Former U.S. President Donald Trump's vocal supporter and ally of Viktor Orban could pose a threat to the blocs efforts in bringing increasingly authoritarian countries of its eastern wing back on the democratic path. Slovenia's plans for its presidency include strengthening the rule of law, European values and resilience to crises. They also plan to discuss the future of the bloc and accelerate EU accession in western Balkans. However, the leaders of the blocs will need to be vigilant for mischief.Jan Bratanic and John AingerWhat's happening?The EU is working on potential legal action against fellow rebel Poland over its crackdown on LGBTQ rights. People familiar with the matter say that this could be in response to Poland's so-called LGBTQ-free areas. However, don't expect anything concrete anytime soon. Legal action like this can take years.Representatives from around 140 countries negotiating changes to global tax rules start a two-day meeting today as they seek a consensus on how to set a minimum corporate rate and share the rights to tax the profits of the largest multinational firms. These are the issues they face as they attempt to reach consensus before the G-20 meeting next month.The U.K. expects to reach an agreement with the EU on extending a grace period for post-Brexit trading rules in Northern Ireland, a move that would reduce tensions in the so-called sausage war between the two sides. A person familiar with EU's position stated that the U.K. had requested a three-month extension of the grace period.Italian Finance Minister Daniele Franco and Economy Minister Giancarlo Giorgetti will speak to EU antitrust chief Margrethe Vestager about Italy's plans for a new national airline, ITA, to rise from Alitalias ashes. Vestager insists that the two airlines must be separated in order for ITA to avoid being liable for Alitalia's large debts. Separately, Iberia parent IAG SA is under investigation by the EU over its plan to purchase Spanish rival Air Europa. There are concerns that this deal could reduce competition and increase prices.For those who missed itSpain backtracked on a decision that placed the U.K. on a restriction-free travel list. Travelers from Britain will now have to either provide proof of full vaccination or a negative Covid-19 test. This is due to the rapid spread of the delta variant in countries such as Germany, where it now accounts for approximately 50% of all cases. Here's the latest.A key European Commission trade official said the Biden administration should take a different approach to trade than that of its predecessor to help improve the U.S. economy. Sabine Weyand said that we need to see a clear sense and acceptance of the need to integrate into the global trading system in a way that is acceptable to all.The price of polluting in the EU may rise by more than 50% by the end of the decade as the bloc tries to tighten its carbon market, according to a draft analysis seen by Bloomberg. The package of laws will be unveiled by the Commission next month to help the region's economy meet the stricter emission targets set under the European Green Deal.The EUs second sale of bonds to finance the recovery fund showed little sign of diminishing appetite from investors and crucially it included banks that had been excluded from the first sale for previous misdemeanors. This is yet another positive indicator that Europe has a demand for pooled loans.Paris has become JPMorgans main trading center in the European Union, Chief Executive Officer Jamie Dimon said at the inauguration of the banks new headquarters in Paris, which has six trading floors and will see between $300 billion and $400 billion in trading volume every day. However, not everyone is happy with such a shift after Brexit.Chart of the DayThe euro-area economy's confidence rose to its highest level in over two decades in June, thanks to the reopening shops, restaurants, and other services that accelerated the region's recovery from the pandemic. The sentiment index of the European Commission rose to 117.9, surpassing almost all estimates from a Bloomberg survey. This was due to a surge in optimism about services. Many countries expect summer travel and business activity to drive this gain.Agenda for TodayAll times CET9 a.m. Christine Lagarde, President of the ECB, speaks at European ParliamentChristine Lagarde, President of the ECB, speaks at the European Parliament, 3 p.m. EU Economy commissioner Paolo Gentiloni and Bruno Le Maire, French Finance Minister Bruno Le Maire, Spanish Financial Minister Nadia Calvino, and Joao Leao, Portuguese Finance Minister, attend conference in Lisbon on the recoveryPaolo Gentiloni (EU Economy Commissioner), Bruno Le Maire (Finance Minister), Nadia Calvino (Spanish Finance Minister), Joao Leao, Portuguese Finance Minister, and Bruno Le Maire (Finance Minister) attend conference in Lisbon on recovery 4.30 pm. European Commission press conference with Vice-President Maros Sefcovic about EU-U.K relationsEuropean Commission Press Conference with Vice President Maros Sfcovic on EU-U.K. Relations 5 p.m. Commission President Ursula von der Leyen meets Mustafa Al-Kadhimi, Iraqi Prime MinisterUrsula von der Leyen, President of the Commission, receives Mustafa Al-Kadhimi, Prime Minister of Iraq 7:15 p.m. Armin Laschet, Chairman of Germany's CDU, speaks in an online discussion about EuropeGermany's CDU Chairman Armin Leschet speaks online on Europe 7:05 p.m. EU Antitrust Chief Margrethe Vestager meets Italian Ministers to discuss Alitalia rescueMargrethe Vestager, EU antitrust chief, meets Italian ministers for Alitalia rescue. Two-day meeting of OECD Inclusive framework startsThree-day trip by Scholz, German Finance Minister, to WashingtonDo you like the Brussels Edition?It's not your private information. You can also sign up with your friends and colleagues.You can also subscribe to to gain unlimited access to data-driven journalism that is trusted and reliable, as well as expert analysis via exclusive newsletters for subscribers only.What are you thinking? We would love to know what you think of this newsletter. Tell our Brussels bureau chief.Aoife and John Follain provided assistance