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The latest craze to grip Brussels is balance. Gender balance, geographic balance, party political balance. Nobody quite knows how the EU ended up with its top five jobs filled by three Italians, three European People’s party members and four men. But the plan is to fix it. And this time it may be done by a true break with history: picking a Nordic candidate. 

It has been some 46 years since nations from the region started joining the European community. On paper, in contests for top EU jobs, they should be a formidable candidate machine. The countries are small, largely inoffensive, respectful of rules, and able to mix a liberal mindset with social democracy. They even have more senior women politicians than most. Yet somehow they always seem to be beaten hands-down by the Luxembourger. 

Few have even come close. Some say Fredrik Reinfeldt, the former Swedish prime minister, discreetly tested the waters when the EU was appointing the first European Council president back in 2009. Carl Bildt, another former Swedish premier, was tipped as a possible foreign policy chief. But it all came to naught. 

The real near miss was Helle Thorning-Schmidt’s bid for the Council presidency in 2014. The then-Danish premier was looking like the Socialist family frontrunner for a top job, and she had some support from Berlin too. 

But it all fell apart after some humming and hawing from Ms Thorning-Schmidt, obstinacy from Matteo Renzi, the Italian premier, and some supremely inept negotiating from France’s François Hollande. The Socialists fixated on the foreign policy chief job, the most junior of the lot, surrendering the rest of the field to the EPP.

This time around the Nordic candidates are almost a swarm. Denmark alone has three contenders. Ms Thorning-Schmidt is again being talked about for the European Council job. Margrethe Vestager, the EU competition commissioner, is hotly tipped for the European Commission. And another liberal, the outgoing prime minister Lars Løkke Rasmussen, is somewhere on the long list for the Council.

Then there are the Finns. Alex Stubb failed in his bid to become the EPP lead candidate, but could easily come back into the frame in a later stage of this negotiation. Meanwhile Erkki Liikanen and Olli Rehn, two Brussels veterans turned central bankers, are in with a decent shot of replacing Mario Draghi at the European Central Bank.

The Nordic region is the only one in the 2019 race that could actually provide a full house of presidents. And that will be used against them by their opponents. Ms Vestager could knock out Mr Liikanen, and vice versa. A deal between parties to divvy up posts could hurt their chances too, if the balance that emerges is unfavourable.

But there is no doubt that when the negotiation really heats up and late-night confusion reigns, the Nordic nominees will be well placed. For once, they have strength in numbers. 

alex.barker@ft.com @alexebarker

Chart du jour

German 10-year Bunds hit their lowest yields since official records began in 2005. Investors are spooked by the US-China trade dispute and expect the ECB — and other major central banks — to ease monetary policy. (FT)

Planet Europe

Staying together
The FT's Tony Barber argues that while it is risky, it is time to change the approach in Berlin as Germany's grand coalition formula has reached the end of the road. (FT)

Like a married couple who stay together for fear that separation would be too costly, Germany’s ruling “grand coalition” of Christian Democrats and Social Democrats is a partnership empty of love and purpose.

Staying apart
The FT takes a deep look at the Franco-German relationship and how the awkward rivalry between Angela Merkel and Emmanuel Macron is complicating the EU top jobs negotiation. (FT)

The ultimate Franco-German compromise would of course be to name Ms Merkel herself as European Council president. But her denials are categorical. “Nein, nein, nein,” one ally recounts her saying. The reason? Clasping her hands together, Ms Merkel asked whether she could really be expected to play the broker as European Council president, running to Paris to plead with Mr Macron.

Anti anti-fraud
Banks warn that new rules to protect customers risk damaging the market for online payments (FT)

Macron: the sequel
French prime minister Edouard Philippe wins a confidence vote in the French parliament and pledges a “complete change in method” for the second half of Emmanuel Macron's five-year term (Le Monde)

Italian fix
Some worrying Roman developments for Brussels. Italy's populists have reached a truce — in part by deciding to spend their way out of trouble, regardless of what the EU might say. (FT)

Boris ahoy
The Guardian's sketch writer John Crace has a fine take on the launch of Boris Johnson's campaign to become Conservative party leader. (Guardian)

Geoffrey Cox, a man with a long track record of defending the indefensible, took to the stage of a crowded, overheated room in Westminster to get proceedings under way. This was a time of great crisis for the country, he intoned in his trademark cod-Shakespearean baritone. Cox never tires of hearing his own voice. The next prime minister needed to be a person of the very highest calibre. Someone who could unite the country. Someone of the soundest character. Despite all this, he was still going to back Boris.

Electric shock
The FT's Guy Chazan and Patrick McGee look at how Germany's automotive industry risks being left for dust by the electric revolution:

“The factory is also a symbol of Germany’s vulnerability. If the future of the car industry lies in all-electric vehicles — which do not need multi-speed transmissions — the innovations that ZF has pioneered in Saarbrücken will cease to matter.” (FT

jim.brunsden@ft.com ; @jimbrunsden

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