EU leaders agreed to keep talking about the use and specifications of vaccine certificates, which will allow the return to a semblance of normalcy, including travel — at least for those inoculated. But that’s exactly what they agreed to last time round, and if this can keeps getting kicked down the road, the bloc’s tourism-dependent economies won’t be able to salvage another travel season. While Europe fiddles, tech giants Apple and Google are already working on the digital infrastructure for such certificates. The video summit was otherwise dominated by calls to get tough: on vaccine export curbs, on companies, on lockdowns. But if the Commission’s robust projections about vaccine supplies in the next few quarters prove accurate, the hardest job ahead is for governments, which will have no more excuse for delays in delivering the shots. 

What’s Happening
Defense Discussion | The video summit continues today, with a discussion on common defense, in which NATO chief Jens Stoltenberg will also dial in. There’s a clear division between member states which see NATO as the pillar of the continent’s security, and others pushing for a more autonomous path. Not much may be resolved today.

Bonds Selloff | The European Central Bank’s pledges to fight back against unwarranted increases in bond yields are falling on deaf ears among investors. A global selloff in sovereign notes is raising borrowing costs for highly indebted euro-area countries. Nothing very alarming just yet, but it’s worth following whether the rout continues.

British Equivalence | A French minister close to President Emmanuel Macron says he thinks the EU may grant some form of equivalence rulings that could allow the U.K.’s financial sector to do business across the continent — but he warns they’ll be limited. Here's our interview with Clement Beaune, France’s junior minister for EU affairs. 

European Champion | Travel patterns are changing fundamentally, and so will aircraft requirements. These pandemic-induced changes favor European champion Airbus against its American arch rival Boeing, Charlotte Ryan and Benedikt Kammel report.

In Case You Missed It
Hungarian Election | The Commission isn’t sure that even the most basic democratic process can be carried out in Hungary anymore. There are “big concerns” about the fairness of the 2022 parliamentary election because of the erosion of the rule of law in the eastern member state, Commission Vice President Vera Jourova said. 

Working on It | AstraZeneca CEO Pascal Soriot sought to deflect blame for a shortfall in Covid-19 vaccine deliveries to Europe, while reassuring lawmakers that his company is working to meet second-quarter targets. This is what he told EU lawmakers yesterday. 

Greek #MeToo | The #MeToo movement reached Greece with some delay but it’s spreading like shockwaves across the political spectrum. The government is introducing new measures to prevent sexual violence and harassment following a spate of accusations of assaults against both adults and children.

Scottish Quarrel | Scottish First Minister Nicola Sturgeon said the integrity of the nation’s democratic institutions is at stake as an increasingly toxic dispute with her predecessor escalated ahead of his planned appearance at a parliamentary inquiry. The public falling-out between the two most prominent faces of Scotland’s independence movement comes just weeks before a local election that could be critical to the future of the U.K. 

Chart of the Day

Foreign workers are quitting Britain at the fastest pace since World War II, presenting a challenge to an economy already roiled by Brexit and the coronavirus. London alone has lost 700,000 people over the last year, recent research shows.

Today’s Agenda
All times CET.

• 8:30 a.m. Joint press statement by Council President Charles Michel and NATO Secretary General Jens Stoltenberg
• 9 a.m. Special EU Summit via video conference; EU leaders to discuss defense and security
• 10 a.m. EU climate chief Frans Timmermans speaks at Citizens’ Dialogue event
• EU trade chief Valdis Dombrovskis delivers speech in the European Fiscal Board annual conference and participates via video conference in the EU Industry Days
• G-20 finance ministers and central bank governors meet virtually