(Bloomberg) -- Terms of Trade is a coming daily newsletter that untangles a world embroiled in trade wars. Sign up here.
European Union leaders are looking ahead to an emergency summit next weekend to try and break a deadlock over who’s going to lead the bloc’s key institutions after they failed at an all-night session in Brussels to reach a deal.
At stake is oversight of monetary policy for the euro area and regulation of the vast single market stretching from the Arctic circle to the Mediterranean.
Read More: A Guide to Where Leaders Stand in Horsetrading for Top EU Jobs
Key Developments:
- Leaders agreed to meet June 30th to discuss who should fill the top posts in the EU and at the European Central Bank
- The race to lead the EU’s executive arm was thrown wide open after the three formal candidates -- Manfred Weber, Frans Timmermans and Margrethe Vestager -- were cast aside in an effort to move the process forward
- German Chancellor Angela Merkel’s Christian Democrats stuck to their position that as the largest party in the bloc they should name the new head of the EU’s executive arm
Merkel Doesn’t See Much Hope for Formal Candidates (1:15 p.m.)
Merkel cast doubt over the chances of Weber and the other two so-called Spitzenkandidaten winning the job running the EU’s executive arm, saying EU Council President Donald Tusk had made clear to leaders that all three formal candidates lacked a majority.
The German leader, who said earlier in the day that “under no circumstances” should there be a conflict with the European Parliament in the decision-making process over top jobs, said the same goes for cooperation with French President Emmanuel Macon.
“We respect each other and I can say clearly that I don’t want to make a decision against France and I think France also doesn’t want to make a decision against Germany,” she said.
Merkel also reiterated her stance that she has no intention of taking a top job herself, and drew chuckles when she said people should start taking her for her word on that.
Poland Focuses on Gender, Regional Balance in Jobs (1:00 p.m.)
Polish Prime Minister Mateusz Morawiecki said he’s “moderately optimistic’’ that the EU leaders can come together to find a candidate to fill the top European Commission role.
“We need candidates who can build bridges and not divide the EU,’’ Morawiecki told reporters on Friday. “In the coming days there will be numerous meetings and bilateral consultations.’’
Even though leaders are shooting to have a decision on June 30, Morawiecki said it’s possible that the talks will extend beyond this month.
Sarec Says Nothing Decided Until It’s All Decided (12:45 p.m.)
Slovenia Prime Minister Marjan Sarec declined to discuss any of the names in play in the top job shuffle, saying that once a name is mentioned “it often means the end of the game.’’
“I will be happy with any progress,’’ Sarec told reporters on Friday after the summit. “Until all is decided nothing is decided.’’
Bettel Says EU’s Credibility Is at Stake (12:30 p.m.)
Luxembourg Prime Minister Xavier Bettel is pressuring his fellow EU leaders to clinch a decision on the bloc’s top jobs at the extraordinary summit on June 30.
“I am of the view that if we don’t manage to agree next week, that we won’t give a very good image of Europe,’’ Bettel said after the meeting wrapped up on Friday, adding that he is not interested in a top post himself. “This is also about the credibility of Europe.’’
Earlier:
- Confused About the EU Jobs Fight? Here’s a Guide to Contenders
- EU Ditches Early Favorites as Race for Top Jobs Thrown Wide Open
- Weidmann Attempts Game Changer in ECB Race by Endorsing OMT
- France to Focus on Top EU Post, Easing Weidmann’s Path to ECB
- Faltering German Hands Vestager Chance to Claim Europe’s Top Job
- Race for Top ECB Job Is Proxy Battle Between Merkel and Macron