Downbeat in Davos as Europe confronts an end to peace and prosperity

good morning A Russian missile attack this weekend on a residential apartment block in the central Ukrainian city of Dnipro killed at least 30 people, with dozens still unaccounted for.

Moscow’s ongoing brutality will headline the agenda in Davos this week, along with global trade tensions and climate change, as some of Europe’s ruling elite (and myself) gather in a Swiss ski resort. Meanwhile, a few hundred kilometers north, the European Parliament convenes in Strasbourg today mired in disrepute through allegations of MEPs for sale.

Climb the magical mountain

Davos is no longer the undisputed table of globalized capitalism, but the love-to-hate-love event remains attractive to many, despite the global landscape described by organizers as “polycrisis”.

War in Europe, raging inflation and inverting growth, energy shortages, and a trade war between the US and China (and the EU, for that matter): it’s enough to make any executive vice president choke on lukewarm champagne.

As Gideon Rachman notes, this year the World Economic Forum will worry about the end of peace, prosperity and global economic integration, instead of burning longevity as usual.

Ukrainian officials will roam the event seeking to secure as much additional financial, military and humanitarian support as possible, while scrutinizing other delegations for signs of waning commitment to war – which is lucrative for arms companies but economically debilitating for almost everyone else.

We will not hear anything from the president of the European Commission Ursula von der Leyen, but she will give more details about the state aid and joint loan proposal to oppose Joe Biden’s €369bn green subsidy bonanza (although many EU officials think. they should discuss first with him instead of the 600-odd CEOs who have paid for the privilege).

US officials say they are fine with the EU rolling out similar green handouts and are not afraid of a subsidy fight. So, the biggest battle over Brussels’ magic money tree will almost certainly be between EU member states.

The European contribution to the Davos roll-call was led by German Chancellor Olaf Scholz – the only confirmed G7 leader – and included the prime ministers of the Netherlands, Poland, Greece, Finland and Spain, plus the heads of NATO and the ECB.

Many will fill their speeches with warnings about climate change, fearing that another global crisis will distract the elite from the greatest.

Indeed, only a sizable snowdrift last week prevented Davos’ winter-free green slopes from resembling the world’s most famous ad campaign for global warming. A relief, too, for plutocrats who carry skis on private jets.

Chart of the day: Unequal Union

The richest 1 percent of the EU will get €44 per €100 made in the bloc between 2020 and 2021, while the bottom 90 percent will get less than €10, according to a report on global inequality published by Oxfam today.

Disrespectful members

No prizes for guessing what will dominate the European parliament’s plenary session in Strasbourg this week, wrote our parliamentary correspondent Alice Hancock.

The Qatargate scandal, involving allegations of sacks of cash given to lawmakers, has sparked a rush to navel-gazing and a race to reform one of the world’s largest democratically elected bodies.

There is no official debate on the topic, but every political group wants to add their two euro cents on what to do, especially after the 14 proposals outlined by president Roberta Metsola last week.

Today Metsola will also announce the start of the process to lift the immunity of the two MEPs involved in the scandal.

By a delicious coincidence, the official proceedings during the week will be dominated by debates on democracy and the rule of law, including the European Union’s response to protests and executions in Iran and judicial issues in Morocco and Brazil – together with the thoughts of special guest Ulf Kristersson, Sweden. premier

On the practical front, the parliament is set to vote for a new vice president to replace the socialist MEP Eva Kaili, who is in Belgian prison, and whether it should set up procedures to allow the European Public Prosecutor’s Office to investigate two members in the management of parliamentary allowances.

To add to the fun, von der Leyen and European Council president Charles Michel – never confused as best friends – will be grilled together on the outcome of December’s EU leaders’ summit. Bring popcorn.

What to watch today. . .

1. The Eurogroup meeting of the single currency finance ministers in Brussels, from 1500.

2. British foreign secretary James Cleverly and Northern Ireland secretary Chris Heaton-Harris met with European Commission vice president Maroš Šefčovič to take stock of progress on post-Brexit issues.

. . . and later this week

1. Special address by von der Leyen in Davos on Tuesday at 1115, Scholz delivered him at 1545 on Wednesday. The event runs until Friday.

2. NATO’s Military Committee meets Wednesday and Thursday for private strategic discussions.

Now read this