EU Explores Ways to Finance Resilience

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

Russia’s invasion of Ukraine is prompting Europe to speed up plans to become more resilient, and find ways to finance them. The EU is discussing joint issuance of debt to pay for the massive investment needed in defense and energy independence, we’re told. Commission Vice President Frans Timmermans said yesterday there’s no formal plan at the moment, as officials expect EU leaders to give guidance at a summit this week near Paris on how ambitious the instrument should be. While some countries are already on board, Germany still needs to be convinced. French President Emmanuel Macron will have an opportunity to give a big push to Europe’s strategic autonomy. Meanwhile, President Joe Biden said the U.S. will ban imports of Russian fossil fuels including oil, a move to be matched in part by the U.K.