(Bloomberg) -- Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union. Sign up here to get it in your inbox every weekday morning.

Ministers meeting in Brussels for the last time before the long summer break will get something to chew over from the European Commission — a debrief on the slow but steady decline in Poland’s democratic standards. The discussion will happen against the backdrop of an escalated infringement process against Warsaw over judicial independence and a proposal to create a permanent rule-of-law monitoring mechanism. Crucially for Poland, Hungary and other repeat offenders in the east, it’s likely to provide more ammunition to those wanting to make the future flow of EU funds contingent upon adherence to the bloc’s norms. It’s another hot potato for Ursula von der Leyen, who had to rely on backing from Polish firebrands at the EU Parliament.

What’s Happening

Busy Start | Von der Leyen has pledged to tackle everything from environmental destruction to child poverty when she takes over the European Commission in November. In between is a scattering of plans such as helping small businesses raise funds. Here’s her laundry list of things to do, which is big on ambition, but short on detail for now.

Strange Days | There was a time when sovereign bond yields could bring down governments and any hint of a political crisis, the risk of war, or shaky public finances would keep investors away. Not anymore. In our low-yields world, market pressure on governments is weaker and that has implications for their behavior.

IMF Hopefuls | The Dutch government is campaigning for Jeroen Dijsselbloem, a former finance minister and Eurogroup president, to be the next head of the IMF. His appointment would put a crisis veteran atop the Fund, with the global economy the weakest in a decade amid growing trade tensions. His is just one of the names floated, alongside the Bank of England’s Mark Carney, although a decision could come soon.

New EU | Speaking of new jobs, now that von der Leyen is all set, the focus shifts to commission portfolios. Top prizes include competition, trade and economics, with France eyeing climate or trade and Italy voicing a preference for competition. The final package, however, will be determined not just by nationality, but also by gender and political affiliation.

In Case You Missed It

Managing Expectations | A U.S. trade deal was held up by Brexit campaigners — including Boris Johnson — as one of the great prizes of leaving the EU. But as the moment of truth approaches, the favorite to succeed Theresa May as U.K. prime minister next week is  seeking to manage expectations. A deal with America won’t be reached soon, Johnson said, predicting discussions will be “tough” and “robust.”

Not Off the Hook | Amazon struck a deal with Germany and Austria to shut down antitrust probes into how it handles other merchants on its site, even as it faces a bigger EU investigation into its use of sellers’ data. Ramping up scrutiny of an issue first raised last year allows officials to build a case that could ultimately lead to fines or an order to change the way the Seattle-based company operates.

Facebook Criticism | Global finance chiefs found common ground in their fear of Facebook’s Libra initiative, as they met near Paris to discuss issues from digital taxation to the economic outlook. Their concerns underscore the extent of the international backlash building against the proposed digital currency.

AKK’s Gamble | Angela Merkel’s would-be successor is betting that one of Germany’s riskier cabinet jobs will help put her chances of becoming chancellor back on track. In an unexpected move, Annegret Kramp-Karrenbauer will take command of Germany’s troubled military as defense minister. The position has ended political careers in the past, although her predecessor just landed the top EU job.

Chart of the Day

If U.S. President Donald Trump wants to fire another broadside at the EU over trade, the latest figures back him up. EU exports to the U.S. jumped more than 20 billion euros in the first five months of the year, and the goods trade surplus continued to widen. It’s up 12% year-on-year in the January-May period.

Today’s Agenda

All times CET.

• 10 a.m. European Affairs ministers meet in Brussels, to discuss rule of law in Poland
• Informal meeting of justice and home affairs ministers in Helsinki
• EU-Canada summit continues in Montreal. To tackle trade, foreign and security affairs, climate and energy
• G7 finance ministers and central bankers continue meeting in Chantilly, France
• French government presents plans for reform of the public retirement system

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--With assistance from Zoe Schneeweiss.

To contact the authors of this story: Viktoria Dendrinou in Brussels at vdendrinou@bloomberg.netNikos Chrysoloras in Brussels at nchrysoloras@bloomberg.net

To contact the editor responsible for this story: Vidya N Root at vroot@bloomberg.net, Iain Rogers

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