| Lose-Lose | President Donald Trump has signed up the whole world to a “lose-lose game” on trade based on flawed economic arguments, threatening to undermine financial stability, top ECB official Francois Villeroy de Galhau said in New York. The IMF sharply lowered its forecasts for world growth this year and next, warning the outlook could deteriorate further. What does the outlook mean for the EU? Ukraine Talks | Ukrainian leader Volodymyr Zelenskiy said he’d like to meet Trump at the Vatican on Saturday, where global leaders will attend the funeral of Pope Francis. Zelenskiy said his team would be ready to discuss an “unconditional ceasefire or partial ceasefire” during talks set to take place in London with Ukraine’s allies today. Gas Plan | Despite talk of peace, the EU is still working on its plans to phase out the last remaining Russian fossil fuels still coming into the bloc. The bloc is preparing to discuss a possible ban on spot purchases of natural gas from Russia, one of a number of options due to be presented May 6 to EU members by the commission, we’re told. Mission Accomplished | The ECB’s job to bring to bring inflation down to 2% is nearly achieved even as the economic backdrop becomes more volatile, according to President Christine Lagarde. She said she and her colleagues must be “data dependent in the extreme” as they decide whether to extend or pause an interest rate-cutting campaign that began in June 2024. | 
