Tiwa Adebayo

We have to preserve and define, by design, European content.

Those were the words of French President Emmanuel Macron to a summit of business leaders as he's urging EU countries to prioritise buying from within the bloc in strategic sectors.

But his made-in-Europe agenda has a significant opponent.

Germany's Chancellor has warned the approach could be too narrow, arguing that European preference rules should only be used as a last resort.

Friedrich Merz's remarks at the same event illustrate the divisions going into today's European leaders' retreat on competitiveness.

Meanwhile, the UK's Rachel Reeves has appealed for any made-in-Europe law to be broadened to include like-minded countries outside the EU.

In London, Tiwa Adebayo, Bloomberg Radio.

The EU is accelerating a planned review of its banking rulebook after pressure from member states.

And for the sector's biggest names, there's one item that's top of the agenda.

The likes of Goldman Sachs and JP Morgan are pushing for a loosening of banker bonus rules, which currently cap payments at twice fixed salaries.

But whilst the Association for Financial Markets in Europe has put the issue on its wish list of reforms, there is some pushback.

Bloomberg understands that insiders feel the change could come at the expense of other measures like simplifying capital structure and reducing daily regulatory burdens.

In London, Tiwa Adebayo, Bloomberg Radio.

Made in Europe, an initiative designed to transform the EU's manufacturing sector, but one that could be costing British firms billions of pounds.

The Prime Minister and his government are stepping in over fears possible industrial policy changes could damage firms with sites in both Britain and Europe.

Bloomberg understands carmakers Stellantis, BMW and Volkswagen could all be affected.

It's thought the fresh concerns have driven Keir Starmer's recent bid to take the UK closer to the EU single market.

The fears are likely to have been at the top of the agenda when the European Commission's trade and economy chiefs visited London yesterday for meetings.

In London, Tiwa Adebayo, Bloomberg Radio.

Made in Europe, an initiative designed to transform the EU's manufacturing sector, but one that could be costing British firms billions of pounds.