Trial now

UK FIX - 29/11/21


US FIX - 29/11/21


Post-LIBOR Settle Update

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

The European Council leaders' summit in Brussels gets underway this afternoon, with leaders arrivals and doorstep interviews starting at 1400CET (0800ET, 1300BST). Link to livestream can be found here.

  • While the agenda for the two day summit is intended to focus on the energy price crisis and the EU's response to COVID-19, political focus is set to rest on whether EU leaders seek to confront the Polish gov't over its constitutional tribunal's ruling that Polish law has primacy over EU law - in breach of EU treaties, and its judicial changes that some say breach EU rule-of-law standards.
  • Dutch PM Mark Rutte is seen as the national leader most likely to raise the issue call for a forceful response to the ruling, which could see the Council urge the Commission to trigger a mechanism related to rule-of-law breaches that would hold back EU funds for Poland.
  • However, some countries have called for more 'dialogue' with Poland over the issue rather than resorting to threats that could see the Polish gov't shift even further away from EU norms.
  • The summit is also likely to be German Chancellor Angela Merkel's final EU leaders meeting after 16 years in office, marking a major turning point in EU politics and power centres within the bloc.