Spending plans for the EU’s flagship stimulus package are landing on the European Commission’s virtual desk this week. Here's how Germany and France want to use the money, for example, and here’s the Greek plan. But there are still hurdles to overcome before funds can be disbursed to help pull Europe out of the steepest recession in living memory. For starters, some countries have yet to ratify the decision allowing the Commission to raise debt to finance the package. The good news is that after a scare yesterday, it appears Finland’s government can finally garner the required supermajority to approve it (more here). But there’s a thornier problem: Hungary, which also hasn’t ratified, wants to spend much of the money on “modernizing universities.” A noble cause on paper, but it’s raising eyebrows after Prime Minister Viktor Orban put universities under the control of foundations led by his own allies. The transfer of state assets to new quasi-private entities in Hungary and the prospect of funneling recovery funds to them highlights the stakes for the Commission as it begins to evaluate the proposals. - Nikos Chrysoloras

What’s Happening

Foreign Subsidies | The Commission is seeking powers to levy fines or block deals by foreign state-owned companies in a thinly veiled response to the growing economic threat posed by China. Companies that generate at least 500 million euros of revenue in Europe and received more than 50 million euros help from a foreign state in the last three years will need EU approval for takeovers, according to draft rules.

Vaccine Passes | The European Parliament will today adopt its position on so-called Digital Green Certificates, which are meant to ease travel for those inoculated or recovered from Covid-19. Negotiations with EU governments will follow with the aim of reaching a deal next month. If you want to know how these vaccine passports will work, read our story about France, which is already rolling out its own version. 

Post-Brexit Deal | We will find out the result of the European Parliament vote to ratify the post-Brexit trade deal between the EU and the U.K. this morning, and no surprises are expected. In a sign that this isn’t the end of the drama, France is threatening to block regulations that would allow U.K. financial firms to do business in the EU if the country doesn’t respect its commitments on fishing.

Apple Probe | Apple faces an EU antitrust complaint as soon as this week, escalating a probe into Spotify’s allegations that App Store rules are unfair. The move raises the risk that the EU could order changes or impose fines.

In Case You Missed It

Minimum Tax | France and Germany have given their backing to the U.S. proposal for a 21% minimum tax on multinational companies, adding momentum to efforts to overhaul global rules despite reluctance from some smaller European countries. Low-tax havens in the EU won't like it. 

Carbon Offsets | Europe could create a new carbon emissions-cutting market to attract billions of euros of investment and help set green standards globally, according to a group of climate policy experts. They suggest that the EU could gradually open up voluntary carbon offsets — tradeable credits generated for cuts in greenhouse gases that companies can use to justify their green claims. Here's how they would work.

French Coup | French far-right leader Marine Le Pen went into damage control mode after lending support to a group of soldiers and retired generals who penned an open letter to President Emmanuel Macron warning of a “civil war” and the looming disintegration of the country. Le Pen denied the officers effectively threatened a coup d’etat.

Debt Unity | The animosity between Spain’s two biggest and most successful football clubs cuts through civil war, dictatorship and identity politics. But Barcelona and Real Madrid are now united as the last holdouts of the short-lived and highly controversial European Super League. Here’s why the two clubs say the project is necessary.

Newsletter Launch | Discover what’s driving the global economy and what it means for policy makers, businesses, investors, and you with The New Economy Daily. Economic policy aficionados can sign up to our new newsletter here. 

Chart of the Day

The prospect of U.S visitors coming to Europe is certainly good news for the continent’s tourist-dependent economies. But the U.S. accounts for a tiny proportion of travelers to countries such as Greece, Spain, Portugal and Italy. To prevent another lost holiday season for these nations, a full reopening of intra-European travel is needed, our columnist  Andrea Felsted writes.

Today’s Agenda (All times CET.)

• 8 a.m. Finance ministers from Germany, France, Italy and Spain make joint statement on the EU recovery fund
• 9 a.m. EU Parliament officially announces results of vote to ratify post-Brexit trade deal
• 3 p.m. EU lawmakers debate Alexei Navalny, Russian military build-up around Ukraine and the recent Czechia-Russia diplomatic row with EU Foreign Policy Chief Josep Borrell
• 5:30 p.m. EU lawmakers debate Chinese countersanctions on EU entities and MEPs and MPs with Borrell
• EU Parliament to adopt its position for talks with EU countries on the introduction of a vaccination pass that will ease travel for those inoculated