Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

A group of 13 EU member states criticized Viktor Orban for his “premature” visit to Georgia following the country’s election last Sunday, which the opposition claimed was rigged on behalf of the Kremlin. In a joint letter, EU affairs ministers asserted that the Hungarian prime minister doesn’t speak on behalf of the bloc despite holding the rotating presidency. Orban will host an EU summit next week in Budapest — with Georgia as a last-minute addition — in which leaders are expected to outline a roadmap about how best to boost the region's competitiveness. Diplomats will also discuss whether the ensuing Budapest declaration should include a sovereignty fund to spur investments and will likely discuss the results of the US election over dinner, we’re told.

— Jorge Valero

Quiet Quitting | Germany’s ruling coalition is still in power, but the three-party alliance currently exists in little more than name. Behind the scenes in Berlin, talk of a breakup before scheduled elections next September has become more pronounced as trust has broken down. The dysfunction will be on full display today when two competing meetings take place in Berlin between governing parties and business leaders.

War Escalates | NATO chief Mark Rutte has confirmed that Russia has enlisted North Korean troops to help wage its war on Ukraine. Rutte described the move as a “significant escalation” of Pyongyang’s involvement. North Korea’s 12,000 troops are expected to be dispatched to the western Russian region of Kursk, where Ukrainian forces have made gains.

Avoid Turbulence | French and German regulators have told their banks to continue dealing with India’s clearing houses beyond an October deadline after a dispute over supervisory powers threatened to derail trading, we’re told. Indian and European regulators have been locked in a tussle after the Reserve Bank of India denied the bloc’s markets authority a request to co-supervise some transactions. 

Slow Engine | VW has announced unprecedented cuts which include plans to close at least three factories, eliminate thousands of jobs and slash wages by 10% for as many as 140,000 workers. The moves underscore the extent of the crisis at the bloc’s largest carmaker and might signal what’s in store at other European peers.

Fresh Thinking | Germany plans to hire another bank to advise on what to do with its remaining Commerzbank stake, we're told. The bank could provide advice on the method and timing of any future divestments, or whether the government should hold onto its remaining 12% stake. JPMorgan Chase worked with the German government on the previous sale, which drew criticism after UniCredit swooped in. 

Solar Glut | Germany plans to narrow the pool of solar producers that are eligible for subsidies after an oversupply of renewable power has led to rising costs for the government. After a rapid expansion, prices on particularly sunny days can turn negative, forcing the government to shell out to ensure a minimum feed-in tariff. The costs are estimated to hit €20 billion this year.

Charm Offensive | Ukrainian President Volodymyr Zelenskiy is in Iceland for a meeting with the prime ministers of Denmark, Norway, Finland and Sweden as part of his effort to consolidate support for his so-called victory plan. Discussion will focus on funding for weapons deployed in long-range attacks, naval security and efforts to tackle Russia’s shadow fleet of oil tankers.

Hackers’ Attack | A senior member of the senate and a former prime minister were among the Italian politicians targeted in a coordinated hack, according to Corriere della Sera. Prosecutors said that police made a series of arrests over the weekend related to information stolen from national security databases.

Big Payday | One trader could make a huge sum if the ECB’s pace of interest-rate cuts accelerates. The  operation will pay out €37.5 million if policymakers reduce the deposit rate to 1.75% or lower by the middle of next year, we’re told. With an initial €6 million premium, that would equate to a sixfold return.

Philips fell the most in 26 years after the medical technology firm slashed its annual sales-growth forecast to 1.5%, down from a previous forecast of 5%. Shares slumped as much as 17.1% in Amsterdam, the steepest intraday drop since September 1998 — although the stock is still up around 20% this year. The Dutch company has been affected by Beijing’s efforts to scrutinize medical technology procurement as part of an anti-corruption campaign. Uncertainty in China will remain for “the next few quarters,” CEO Roy Jakobs told Bloomberg Television. 

• Commission President Ursula von der Leyen meets NATO Secretary General Rutte
• EU-Western Balkan Ministerial Forum in Budva, Montenegro
• Nordic Council in Reykjavik, Iceleand
• Ukrainian Infrastructure Forum held in London

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