The numbers leave no room for doubt. According to Bloomberg's Vaccine Tracker (it's constantly updated, so better bookmark it), the EU lags behind both the U.S. and the U.K. — not to mention countries such as Israel and the UAE — in terms of inoculations. The delay, exacerbated by production-capacity glitches, may mean longer lockdowns at a huge cost for the economy. Ahead of a video summit of leaders later this week, European affairs ministers will today discuss ways to raise the EU's game. For tourism-dependent economies in particular, restoring a semblance of normalcy is crucial, hence the recent focus on introducing a vaccine certificate that will allow travel for those who get the jab. But France was quick to say that granting special privileges at this stage is premature and "shocking." What countries such as Greece may find shocking though, is an apparent lack of urgency from some of their EU partners.

What’s Happening
Money Talks | Finance ministers will today discuss the national plans that member states need to submit to get their hands on the bloc's jointly-financed stimulus package. Countries such as Germany are likely to underline — in no uncertain terms — that they expect the cash to be put to good use to address each country's structural challenges. The plans need approval by a weighted majority of EU governments, so what the hawks think matters.

Transatlantic Ties | Finance chiefs have also invited former Treasury Secretary Larry Summers on their call to discuss EU-U.S. financial and monetary relations — and to get a better sense of what to expect from the incoming administration. While Joe Biden's win was widely seen as a path to less volatile relations, the European Commission will still set out plans this week for how the bloc can better challenge the dollar's supremacy. Here's the draft we have, though all this may sound like a repeat of what the Commission said a few years ago.

Financial Flows | EU and U.K. negotiators have started discussions on how to regulate the trillions of dollars of cross-border financial flows post-Brexit. The talks on a financial services cooperation deal are a low-key affair (and that’s by design), but here's what we have so far.

Higher Pledges | Europe needs to double the share of electricity produced from renewable sources by the end of the decade to be in with a chance of meeting a stricter emissions-reduction target, according to a report published today. “To meet these higher pledges, renewable power should grow to almost 70% of all EU generation by 2030 and to over 80% by 2050,” the European Environment Agency says.

European Bauhaus | There's a press conference this morning for the launch of the "new European Bauhaus," one of the favorite offbeat topics of this newsletter. Here's everything you need to know about how the EU plans to combine its push to cut emissions with a new design style for cities and buildings.

In Case You Missed It
Navalny Arrest | Russian police detained opposition leader Alexey Navalny as he arrived in Moscow after being treated in Germany for nerve-agent poisoning. The move to imprison the most prominent opponent of the Russian president marks the biggest crackdown by Vladimir Putin in recent years and drew condemnation from European Council President Charles Michel. Coming days before Biden takes office, it could also trigger an immediate clash with the new U.S. administration.

Merkel Successor | The election of Armin Laschet as the new leader of German Chancellor Angela Merkel’s Christian Democratic Union is good news for the EU and those who welcome engagement with China and Russia. Here's our story with what you need to know about Merkel's potential successor as chancellor.

EU Satellites | With Americans ready to send people back to the moon and beyond, it might seem that the EU is trailing in its space ambitions. But the European Space Agency has taken the global lead in building planetary simulations to predict major climate disruption. Finding new ways to understand the changing atmosphere means Europe's satellites could help catch the next climate disaster, Jonathan Tirone reports.

Chill Winds | The first cold blast this winter has already propelled European power and gas prices to their highest levels in years, and its impact will be felt for months to come. A relatively rare phenomenon with the potential to disrupt the polar vortex —  the winds that usually keep cold air contained in the far north — is threatening to send a further Arctic blast across Europe from late January.

Conte's Gamble | Italian Prime Minister Giuseppe Conte plans to plough ahead with a parliamentary showdown this week, even with the prospect of a flimsy majority. He needs about a dozen more votes in the Senate to restore an outright majority in the 321-strong upper chamber after the defection of the group led by Matteo Renzi. The outcome of his quest to keep his job is uncertain.

Chart of the Day

The decade ending in 2020 was the hottest in recorded history, with temperatures higher than any other period in at least two millennia and possibly much longer. Last year finished in a statistical tie with 2016 as the hottest on record, coming in about 1.2° Celsius higher than the 19th century. For those accusing climate scientists of alarmism, it's worth mentioning that the measurements come exactly as their models had predicted.

Today’s Agenda
All times CET.

• 10 a.m. Video conference of European affairs ministers to discuss pandemic-response policy coordination 
• 11 a.m. Press conference by EU Commissioners Gabriel and Ferreira on the launch of the "new European Bauhaus"
• 3 p.m. Eurogroup video conference on Covid-induced imbalances, recovery plans, relations with the U.S (feat. Lawrence Summers)
• German Foreign Minister Maas visits Turkey, as the EU and Ankara work to defuse tensions