Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• European Central Bank President Christine Lagarde is getting tougher with the institution’s unwieldy group of 25 policy makers over the agenda for monetary stimulus
• One in five jobs based in the U.K. could be outsourced to other countries in the wake of the coronavirus pandemic, threatening the loss of well-paid white collar employment
• Prime Minister Boris Johnson’s decision to prolong England’s coronavirus lockdown is the last extension many in his Conservative Party will bear after 15 months of restrictions, people familiar with the matter warned
  • Britain’s decision to extend the last remaining Covid-19 lockdown rules another month will cause barely a ripple in the pace of economic growth this year but put thousands of jobs at risk
• The U.S. and U.K. are looking to reach a truce Wednesday in a trade dispute involving Airbus SE and Boeing Co. after the Biden administration and the European Union agreed to suspend tariffs on $11.5 billion of each other’s exports for five years
• Norway’s central bank is poised this week to cement plans for an increase in borrowing costs that could come in just under 100 days from now
• The Fed is inching toward the start of a long road to normalizing its relationship with the rest of Washington and Wall Street, a task seen as a knife-edge balancing act
• China’s economy is stabilizing from its record expansion in the first quarter, with analysts watching closely for signs of a more meaningful pickup in consumer spending
• Asia’s emerging economies have accumulated their highest level of foreign-exchange reserves since 2014, offering a powerful buffer against market volatility if the Fed changes course
• Japan’s exports surged by nearly 50% from last year’s dismal level, as record jumps in shipments to the U.S. and Europe helped boost an economy still struggling with the virus at home
• The yen stands to lose on two fronts against the dollar, writes Bloomberg Economics’ Yuki Masujima
• No central banker in the world is taking on inflation this year like Roberto Campos Neto

©2021 Bloomberg L.P.