Paola Tamma

Europe slow-walks Draghi plan as global rivals surge A year after former Italian PM’s report on competitiveness, EU implements just 11% of his ideas

One year on, implementation of Mario Draghi's recipe for Europe's economic renaissance is shy and partial, as EU headspace has been preoccupied with crisis mode, analysis found. @alicemhancock.bsky.social @bmoens.bsky.social www.ft.com/content/4423...

Trump to meet Putin in Alaska as he signals Ukraine may need to cede land Volodymyr Zelenskyy rejects proposal and insists Ukrainians ‘will not gift their land to the occupier’

Trump says Ukraine has to «get ready to sign something» and engage in «some swapping of territories» with Russia as he announces meeting with Putin in Alaska on August 15 - with Amy Mackinnon and @christopherjm.ft.com
on.ft.com/3Hs3Y37

EU halts retaliatory tariffs as it finalises US trade deal Tariff relief for cars, steel and aluminium yet to be agreed

EU halts retaliatory tariffs as it finalises US trade deal, in spite of
tariff relief for cars, exemptions & quota system for steel and aluminium yet to be agreed www.ft.com/content/16c7...

Euro fall accelerates on fears EU-US tariff deal will hit growth Investors warned of damage to Europe’s export sector from trade agreement

Trump said he'll levy "rest of world" with tariff of "15 to 20pc range" aka same or slightly higher than what the EU got by lowering tariffs and committing to +1.3TN$ US purchases/investments. I expect this won't sit well with EU countries ... ft.com/content/d974... via @financialtimes.com

Breaking news: Donald Trump has given Russia a shorter window of 10 to 12 days to agree a ceasefire in Ukraine or face tighter sanctions, as his frustration with his Russian counterpart escalates. https://on.ft.com/4l3yDl8

What have the US and EU agreed on trade? Most exports from bloc to face 15% tariffs while European market will open to more American imports

In the aftermath of a handshake and thumbs up picture from Trump's Turnberry golf course - here is what we know of the US/EU trade deal (and what is yet TBD). With @alicemhancock.bsky.social @aimewilliams.bsky.social & Emily Herbert
www.ft.com/content/85c5...

As public outcry over of Zelenskyy's power grab grows, @christopherjm.ft.com profiles the man behind Ukraine's wartime president: "Yermak has come to personify ..whether centralised powers imposed by the wartime administration might cripple Ukraine’s democratic future once the war ends"

Ukraine’s reform of anti-corruption bodies puts EU accession at risk, officials warn Volodymyr Zelenskyy’s move to take control of two agencies has spooked allies in Brussels

Ukrainian President Volodymyr Zelenskyy’s controversial move to take control of his country’s anti-corruption bodies poses a risk to European funding and Kyiv’s path to EU accession, top European officials have warned. Story w/ @paolatamma.bsky.social @henryjfoy.ft.com
www.ft.com/content/ef23...

Von der Leyen botches €2tn EU budget proposal with chaotic infighting Centralised and chaotic process has compromised launch of commission president’s spending plan, colleagues say

How NOT to prepare and present a budget proposal to ensure buy in from colleagues and eventually EU countries — who will have to foot the bill. With @henryjfoy.ft.com and @bmoens.bsky.social

www.ft.com/content/c88e...

10. If this is how it is being received WITHIN von der Leyen's commission — just imagine once it lands across the road in the council, where EU countries will tear it apart for the next two years. Fun times ahead.

9. Parts of the proposal have been controversial with pretty much everyone, which is why von der Leyen's commission is yet to agree on it, and deputy commissioners are fighting it out non-stop since last night. Picture courtesy of someone inside the building LOL

How unholy alliances are defining fight for next EU budget Also in this newsletter: Brussels fudges 2040 climate target

8. That's likely to force capitals to make stark choices, defence over regional funding being the obvious one. And as such has already provoked an upheaval in a majority of countries, regions, and other beneficiaries.
www.ft.com/content/efbb...

EU to ringfence billions of farming subsidies Brussels reworks plans to protect direct income for farmers in new budget after pressure from industry

7. On the latter — aka what is the money spent on — the commission is overhauling distribution by giving countries more leeway to decide what to spend the money on. Strong vested interests, like farmers, have won safeguards on their subsidies.
www.ft.com/content/e8b2...

EU budget shake-up to shift billions to eastern states Leaked Brussels proposal suggests new method for distributing €750bn of farm and development funds

6. The next fight will be who gets what aka how the pie's cut. This is twofold, both among countries and across priorities. On the first, funds are shifting Eastward, though the movement won't be massive (though that won't prevent 'losers' to fight back)
www.ft.com/content/c668...

Denmark and Finland reject more common EU debt The two countries back joint borrowing to boost defence spending, but oppose it for other purposes

5. To which countries including Germany, the Netherlands, Sweden, Austria, but also "formerly frugal" Denmark and Finland have said: you're joking right?
www.ft.com/content/4559...

Brussels to seek more joint debt in EU budget plan European Commission to propose mechanism to issue common bonds to fund member states in emergencies

4. the commission also wants the ability to tap the markets to raise cash for "needs arising from...severe crises, severe hardship or serious threat thereof." Crucially, Brussels would only need a majority backing of EU countries to do so.
www.ft.com/content/2f12...

Brussels plans new tax on big companies to boost EU budget Annual charge would hit groups with net turnover of €50mn or more, according to leaked European Commission proposal

3. To make up the shortfall, the commission is proposing a host of new levies, including a tax on companies that turn over €50m/y, another on e-waste, a fee on flown-in packages, and hikes in tobacco tax, custom duties, VAT, etc.
www.ft.com/content/238c...

Germany wants next EU budget to focus on defence Berlin seeks to streamline the bloc’s seven-year budget without increasing its overall size

2. How does the EU pay for it? Mostly from taxpayers' money, with richer countries paying in more than they get out. But Germany, largest net payer, has ruled out paying more, as have the Netherlands, Austria, Sweden www.ft.com/content/f71b...

EU sets the scene for two-year fight with budget overhaul proposal Also in this newsletter: Why the EU needs to step up its game on cloud computing

The EU commission will unveil proposals for the bloc's next budget today - this is what we know so far:
1. the amount (TBC) would be a +60pc increase in current prices compared to present budget / continues
www.ft.com/content/4dc4...

EU budget shake-up to shift billions to eastern states Leaked Brussels proposal suggests new method for distributing €750bn of farm and development funds

Scoop🚨 Brussels will shift billions in EU funds eastward as it seeks to counter security threats from Russia, a leaked formula underpinning the distribution of the future budget shows. www.ft.com/content/c668...

EU to ringfence billions of farming subsidies Brussels reworks plans to protect direct income for farmers in new budget after pressure from industry

In the big budget battle the EU is readying to fight for the next two years, one winner has already emerged: farmers, who secured their subsidies despite efforts to “modernize” the EU budget. Story with the indefatigable @alicemhancock.bsky.social on.ft.com/44jvTes

EU pushes to fill Ukraine’s $19bn budget gap next year Brussels explores options including frontloading G7 loans to ease fiscal strains in Kyiv

EU plans ways to fill Ukraine’s budget gap in 2026 as Kyiv grapples with continued Russian attacks that dashed hopes of a ceasefire. With @henryjfoy.ft.com on.ft.com/45T0uAF

Brussels to seek more joint debt in EU budget plan European Commission to propose mechanism to issue common bonds to fund member states in emergencies

New 🚨The European Commission plans to propose a new joint debt instrument to tap capital markets in times of crisis, as part of the upcoming EU budget. Read it in @financialtimes.com www.ft.com/content/2f12...

NEW: G7 countries reach an agreement that would see US companies exempted from a global taxation deal – in exchange of the US abandoning retaliatory actions against jurisdictions perceives as having discriminatory taxation

Ursula von der Leyen faces no-confidence vote over Pfizergate Far-right motion relating to pandemic scandal threatens to derail European Commission president’s second-term agenda

Ursula von der Leyen faces no-confidence vote over Pfizergate at the same time that she faces crumbling support from the liberals and left over a greenwashing directive, report my colleagues @andybounds.bsky.social + @alicemhancock.bsky.social www.ft.com/content/8162...

Brussels set to disregard ECB warnings over stablecoin rules European Commission poised to propose treating stablecoins issued outside bloc as interchangeable with EU versions

The 🇪🇺 commission is set to give equivalence to non-EU-issued stablecoins, disregarding ECB warnings that it may threaten financial stability. Story with @staffordphilip.bsky.social www.ft.com/content/97c7...

EU weighs carbon tax on home heating and petrol to fill budget gaps [FREE TO READ] Commission officials suggest using some revenues raised by unpopular levy due in 2027 to meet bloc’s wider needs

EU officials are considering using revenues from a new carbon tax on homes and petrol for the EU budget — a move that one EU official warned would be “completely toxic”.

Scoop w/ @paolatamma.bsky.social @henryjfoy.ft.com

on.ft.com/4e37WuV

EU weighs adding Russia to money laundering ‘grey’ list Moscow’s possible inclusion has ‘huge support’ as Brussels expects to adopt new listing next week after a delay

EU mulls adding Russia to anti-money laundering list, under pressure from a majority of parliamentarians. Adding 🇷🇺 would likely result in approval of the list, which was voted down last year over the exclusion of 🇦🇪🇬🇮. Story w/ @andybounds.bsky.social www.ft.com/content/2fcd...

Europe confronts Trump’s triple threat on Ukraine, Nato and trade [FREE TO READ] Officials fear that the US president will play the big issues off against each other over five weeks of wide-ranging talks

Welcome to Europe’s Trumpageddon.

Over the next five weeks, the continent must negotiate existential questions over its security, defence and economy with the mercurial US President, as officials fear being forced into a grand bargain that leaves Europe weaker and more vulnerable

on.ft.com/3FF7h6g

Bulgaria to join Eurozone in 2026 County’s populist pro-Russian forces continue to oppose adoption of the euro

Bulgaria to join the €zone following years of delays and amid populist backlash. "We consider it a tangible sign of our European identity," PM Rosen Zhelyazkov told me. Story with Marton Dunai. www.ft.com/content/cfe4...