The EU is set to delay a decision on what it means to be “green” in certain sectors until the end of the year, in an effort to ease tensions over the roles of natural gas and nuclear in the clean energy transition. When the Commission unveils plans to highlight criteria for a first set of sustainable investments next week, almost every part of the bloc’s economy will be assigned rules to qualify as environmentally sound — from iron and steel production to energy infrastructure. However, investors won’t have clarity on how to treat gas and nuclear until the fourth quarter. Green investment is booming across the world, and the new rules, designed to keep the EU on track to meet its commitment to climate neutrality, will set standards that could unlock billions in financing. Here's all you need to know.

What’s Happening
Finance Talks | EU finance ministers will hold virtual talks today to discuss the bloc’s economic outlook and the implementation of the EU’s landmark pandemic fund. As EU governments gear up to submit their proposals on how to spend the cash later this month, the focus is likely to shift to any delays that could hold back key disbursements amid political holdups and a much-anticipated decision by the German constitutional court.

ECB Moves | The ECB will slow its emergency bond-buying by July and signal at the end of this year that the program will come to a halt in March 2022, according to a Bloomberg survey of economists. More than 60% of respondents predict the central bank will stick to its current timeline for net purchases, and almost as many expect it to give three months’ notice before stopping the program.

Eastern Rumblings | EU foreign ministers meeting on Monday will have an informal exchange with their Ukrainian counterpart about the worsening conflict in eastern Ukraine and are expected to give their clear support for its territorial integrity. Later in the week, European affairs ministers will discuss progress on a green certificate that could facilitate travel across the bloc, and the state of vaccinations in the region following the most recent developments.

German Lockdown | Chancellor Angela Merkel will address the lower house of parliament in Berlin today to plug legislation going through the Bundestag that will set out nationwide rules to deal with coronavirus hot spots, effectively overriding regional authorities. Officials have warned Germany’s health-care system is being stretched to the brink, with many hospitals overwhelmed with Covid-19 patients and rising case numbers pointing to tougher days ahead.

In Case You Missed It
Record Debt | Italy’s debt will rise to the highest level in over a century this year, breaching the 159.5% record set in 1920, according to the government’s latest economic update. The government has agreed to borrow 40 billion euros for new stimulus measures, which pushes its overall pandemic spending so far to more than 170 billion euros.

Astra Woes | Norway has been told to stop using AstraZeneca in its Covid-19 inoculation program, as the country’s top health authority deems the risk of blood clots unacceptable. The announcement came just a day after Denmark became the first European nation to cut Astra from its inoculation even as European and British drug regulators reiterated that the shot's benefits still outweigh the risks.

Brexit Talks | Talks in Brussels between U.K. Minister David Frost and EU Commission Vice President Maros Sefcovic on the tussle over Northern Ireland failed to produce a breakthrough — much as expected. Officials have said that an agreement — if one were to be reached — is still many weeks away given the amount of work that remains to be done.

German Rent | The sticky issue of affordable housing moved up Germany’s political agenda after the country’s top court overturned Berlin’s controversial rent freeze. The decision on Thursday to topple the aggressive clampdown on rents exposes thousands of voters to higher living expenses and highlights the housing squeeze in the country’s capital.

Chart of the Day

In Sweden, a body created to monitor government efforts to fight climate change says the law that guides monetary policy needs a serious overhaul. The Riksbank has already taken several steps to design a greener monetary policy. It’s cleansed its reserves of assets tied to pollution, and recently started mapping the carbon footprint of its corporate bond purchase program.

Today’s Agenda
All times CET.

• 9 a.m. German Chancellor Merkel address lower house of parliament in Berlin on lockdown law
• 9:30 p.m. Video summit of euro area finance ministers, followed by virtual talks between EU finance ministers to discuss recovery fund plans, joint European deposit insurance