For many Germans, framing a vision of the country’s future without Angela Merkel at the helm requires a vivid imagination, given that she’s been in charge for 15 years ⁠— and she remains as popular as ever. But that’s exactly what the domestic political elite is trying to do. Taking a leaf out of China’s transformation into the world’s pre-eminent digital economy, politicians in Merkel’s party are fundamentally rethinking the political system Germany needs after she leaves. And some of the proposals are radical, involving bitcoin, artificial intelligence and big data, albeit while adhering to democratic principles. Read our deep dive here. - John Ainger

What’s Happening

Finance Chief | A post once seen as one of the euro area’s most coveted is up for grabs. Finance ministers eager for responsibilities beyond those of their day job have until this afternoon to throw their hats in the ring for the presidency of the Eurogroup, where they’ll need to find a way to inject fresh impetus into long-stalled overhauls. Watch the contenders from Spain, Ireland and Luxembourg.

Tour de Macron | Emmanuel Macron is turning up the heat on European member states that have expressed misgivings about plans for a massive spending program to revive the economy. While the French President is confident of a deal, the Dutch remain unconvinced differences can be bridged. Next stop? Germany.

Time Bomb | The ECB’s account of its meeting earlier this month will be watched even more closely than usual. President Christine Lagarde has hinted that the document will include a justification for continuing asset purchases, which could help in defusing a legal time bomb that threatens to cut off Germany’s Bundesbank from the ECB's monetary stimulus.

Will it Fly? | Lufthansa’s biggest shareholder signaled he’d vote in favor of a 9 billion-euro government bailout, giving the rescue plan a shot of momentum before a crunch vote. Billionaire Heinz Hermann Thiele told Frankfurter Allgemeine Zeitung that he’d support the package at today’s special shareholder meeting, ending days of frenzied speculation about his intentions.

Juncker Verdict | It reads like a plot from a spy novel, with illicit recordings from a bugged time piece, but it led to the ousting of Jean-Claude Juncker as Luxembourg’s Prime Minister before he became President of the European Commission. Today, we’ll find out the court’s verdict on a scandal that rocked the tiny nation.

Economic Catastrophe | Across Europe, countries are facing what could be a disastrous economic cliff edge as emergency programs to compensate people for being unable to work during the coronavirus are withdrawn. The situation is looking bleak across the continent. In France though, the government has just outlined new furloughs that could run for two years.

In Case You Missed It

Pond Hopping | U.S. Secretary of State Michael Pompeo said the Trump administration is working with the EU on how to restart travel, even as the bloc weighs whether to exclude Americans from an initial reopening. The U.S. doesn’t want to act in a way that “jeopardizes the United States from people traveling here and we certainly don’t want to cause problems anyplace else,” Pompeo said.

Kindred Spirits | Hosting Polish President Andrzej Duda in Washington yesterday, in the first visit of a foreign leader since March, Trump said some U.S. troops in Germany would be relocated to Poland and repeated criticism of Berlin’s defense spending. He praised Duda, who faces an election on Sunday. Here's what to expect from the vote.

Lashing Out | Sweden’s controversial coronavirus strategy has been widely condemned, having led to more deaths per 100,000 people than the U.S. Its architect remains defiant, however, characterizing lockdowns imposed across much of the globe as a form of “madness” that flies in the face of what’s known about handling viral outbreaks.

Getting Closer | The EU’s chief Brexit negotiator, Michel Barnier, said the “moment of truth” for a trade deal with the U.K. will come in October, when the bloc’s 27 leaders hold a summit where they hope to sign off a draft agreement. Barnier said yesterday a deal is within reach, but warned that the U.K. must live up “in spirit and letter” to the political declaration it signed last year.

Djokovic Shock | The contraction of the coronavirus by one of the world’s tennis superstars, Serbia's Novak Djokovic, after participating in a tournament he organised, is sending shockwaves through his home region. For Serbia, it’s a blow to national pride and efforts to keep the disease under control. For Croatia's Prime Minister though, it might have more worrying ramifications.

Historic Dispute | Meanwhile, talks between long-term foes Serbia and neighboring Kosovo hit a major road block after the president of the latter was accused of committing war crimes two decades ago, just as he was preparing for talks with his Serbian counterpart at the White House.

Chart of the Day

The IMF downgraded its outlook for the coronavirus-ravaged world economy, projecting a significantly deeper recession and slower recovery than it anticipated just two months ago. The fund said yesterday it now expected global gross domestic product to shrink 4.9% this year, more than the 3% predicted in April. For 2021, the fund forecast growth of 5.4%, down from 5.8%.

Today’s Agenda

All times CET.

• 9:30 a.m. EU top court gives non-binding opinion in Commission challenge against Hungary over the nation’s asylum policies
• 9:30 a.m. EU top court rules in challenges by Russian banks VTB Bank PJSC and Vnesheconombank against the 2014 decision to include them on a list of companies seen as having helped Russia to destabilize the situation in Ukraine
• 10:05 a.m. Commissioner Dombrovskis speaks at Financial Services Conference
• 1:30 p.m. ECB publishes account of June 3-4 monetary policy meeting
• 3 p.m. EU’s Vestager and U.S. Senator Warner discuss democracy in German Marshall Fund webinar. U.S. Secretary of State Pompeo will also take part
• 5:45 p.m. EU Parliament Trade Committee debates EU tools against distortions in international trade and investments, presented by European Commission Trade Director General Weyand
• 7 p.m. World Health Organisation Director-General debates pandemic with European Parliament Environment, Public Health and Food Safety Committee
• Deadline for submission of bids for next Eurogroup president
• A Luxembourg court issues ruling in a long-winded court case over a spy scandal that implicated former Prime Minister and ex-European Commission president Juncker