| Under Pressure | Von der Leyen will face a no-confidence vote in the European Parliament next Thursday, reflecting lingering concerns over her handling of text messages to Pfizer chief Albert Bourla at the height of the pandemic. The parliament collected 79 signatures – above the requisite number — for the motion, although the Commission chief is expected to survive the vote. Climate Test | The EU proposed a binding target to cut emissions by 90% by 2040 yesterday as a step toward climate neutrality by mid-century. While it includes various “flexibilities” to help get member states on board, the plan faces a heated debate over the level of ambition and how quickly an accord needs to be reached. Heat Damage | Record heat caused by a blast of Saharan air and amplified by unusually warm seas is meanwhile hurting businesses across Europe, increasing energy demand and threatening nuclear generation. Read the latest on the fallout from rising temperatures. Euro Worry | ECB officials are starting to fret that a rapid appreciation of the euro could derail efforts to anchor inflation at 2%. With the single currency on the cusp of it longest winning streak against the dollar in more than two decades, the danger is the rally propels the euro to levels that will damage competitiveness. Pension Volatility | Volatility may hit European bond markets as some 11 million people in the Netherlands switch to a new retirement plan from next year. A key step in the reform of the €1.8 trillion pensions system, the largest in the euro-area, will see funds investing in riskier assets. | 
