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Jorge Valero and
Natalia Drozdiak
Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
Euro area finance ministers meet today in Brussels against an economic backdrop that continues to deteriorate under the threat of a total cutoff from Russian gas. French Finance Minister Bruno Le Maire warned yesterday that Europe should prepare itself for such an outcome. The prospect of energy shortages makes discussions with the European Central Bank over how to deal with accelerating inflation even more challenging. The gloomier economic outlook will in turn impact the fiscal direction for 2023, another topic for the Eurogroup ahead of the preparation for draft national budgets. Although EU deficit rules remain suspended next year, officials warn that support for households needs to be targeted and temporary as national coffers come under further strain.
