The European Commission will make a fresh push today in its six-year crusade to create a capital-markets union. The piecemeal approach to bringing down barriers between national financial services will continue with a proposal to create a consolidated tape to integrate data from various trading venues, a new single-access point to gather information on European companies, and changes to facilitate setting up European long-term investment funds, according to documents we’ve seen. Meanwhile, the Commission will largely keep in place the cross-border delegation system for investment fund managers, sparing London some post-Brexit pain. Next year, it intends to publish long-awaited proposals to harmonize corporate-insolvency rules.

What’s Happening
Travel Rules | The Commission is waiting for guidance on how long vaccines remain effective before it updates Covid-19 travel guidelines. A proposal is due in coming days that will likely recommend nations impose restrictions based on whether individuals are vaccinated or have recovered from Covid, rather than on infection rates. Meanwhile, Austria’s lockdown may be having an effect, while France and Italy are weighing tighter virus restrictions and Europe’s vaccine laggards are finally inoculating more people.

Ad Ban | The Commission will today propose new rules on political advertising, including a ban against using sensitive information like gender, race or sexual orientation to target ads unless people give their explicit consent, according to a draft we’ve seen. Online advertising platforms like Facebook and Google would also have to reveal information about who was targeted by an ad and the methods used.

Price Shock | EU energy ministers will focus their meeting next week on renewables and energy-efficiency measures designed to slash greenhouse gas emissions by the end of the decade. It comes as  European carbon rose to a fresh record yesterday after Germany said it may take steps in the next few years to establish a floor price for emitters in Europe’s largest economy.

Habemus Kanzler | Germany will get a new chancellor at last. Social Democrat Olaf Scholz sealed an alliance with the Greens and Free Democrats that aims to revamp Europe’s largest economy by tackling climate change and promoting digital technologies. Expect to see a tech bro, a novelist and an avid trampolinist in the new cabinet.

Grim Milestone | Scholz’s first weeks in office will be dominated by the need to tackle a brutal fourth wave of the pandemic. Germany today passed the threshold of 100,000 Covid-19 deaths, with new infections rising at a record pace and putting hospitals in some hotspots under severe pressure.

Research Aid | The European Commission is set to make only minor changes to its state aid rules for Important Projects of Common European Interest. The framework channels funding from several governments to priority research areas such as semiconductors, hydrogen and batteries. The rules, to be updated today, have been a battleground for EU states on how far governments should be able to go to fund cutting-edge technology.

In Case You Missed It
Swedish First | Sweden’s first female prime minister got off to a rocky start. Magdalena Andersson won a narrow vote in parliament, 100 years after women in the country known for its egalitarian foundations were first able to exercise full voting rights. But she was forced to resign hours later over a budget dispute. The move is technical and the former finance minister has said she is ready to face a new vote to lead a one-party cabinet.

Fiscal Expansion | Euro-area members will maintain an expansionary fiscal stance next year, following the Commission’s recommendation to keep investing and strengthen a recovery threatened by price increases and supply chain challenges. The Commission announced yesterday that 12 EU states will be subject to careful scrutiny of macroeconomic imbalances, while Greece got the all-clear to receive further debt relief measures worth 767 million euros.

Uber Shutdown | The majority of Uber drivers in Brussels won’t be able to drive for the company after tomorrow, following a court ruling. It affects some 2,000 drivers, according to the company, leaving only a few hundred to serve the city. Uber is also battling with Belgium over a ban against the use of mobile phones to accept passengers.

Brexit Backlog | Tens of thousands of EU citizens are still applying to remain in the U.K., months after a June 30 deadline. More than 236,000 people have applied since then, according to our calculations. Immigration lawyers warn that people are only discovering now that their papers aren’t in order as they start traveling again or try to change jobs.

Spanish Laggard | Growth numbers that missed expectations in the past two quarters have turned the Spanish economy from a potential leader of the post-pandemic revival to a laggard. Some experts argue, however, that indicators like demand for construction materials paint a much rosier picture. The reality will be vital for the government, which is defending this year’s forecast for 6.5% expansion -- the fastest pace since 1973.

Chart of the Day

Today’s Agenda
All times in CET.

Internal-market and industry ministers meet in Brussels and will formally agree their position on proposed tech laws
Commission President von der Leyen and Council President Michel participate in the 13th ASEM Summit, via videoconference
NATO Secretary General Stoltenberg meets Polish President Duda. They will hold a press conference at 2:15 p.m. at NATO headquarters.
10 a.m. Energy Commissioner Simson delivers a keynote speech at the 7th Energy Infrastructure Forum 2021
11 a.m. Values Commissioner Jourova news conference on proposals to bolster democracy and election integrity
2 p.m. Justice Commissioner Reynders participates via videoconference in the Annual Digital Consumer Event
2:15 p.m. Home Affairs Commissioner Johansson news conference on travel into the EU during the pandemic
2:15 p.m. German Chancellor Merkel news conference in Berlin with Polish Premier Morawiecki after talks on the situation at the EU's eastern border