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

Boris Johnson is struggling to keep his 2019 promise to supercharge Britain by reducing regional inequalitiesPrime Minister Johnson will spend the next few days considering whether the UK will introduce legislation to override its post-Brexit settlement with the EU, a move that risks sparking a trade warSerbia will make a hard-to-predict decision on whether to raise interest rates twice in a rowUK estate agents are preparing for the cost of living crisis and Bank of England rate increases to take some of the heat out of the housing marketUkraine’s energy giant Naftogaz Ukrainy said a return to normal gas transit to Europe depends entirely on Russia’s Gazprom PJSCFed officials are on course for half-point hikes at each of their next two meetings despite pressure for more aggressive action after a hotter-than-expected April inflation printECB policy makers are increasingly embracing a scenario of taking interest rates above zero before the end of the year, according to officials familiar with the matterChina’s tightening Covid rules and extended lockdowns are making a 2020-style V-shaped economic recovery a dim possibility this time aroundThe Bank of Japan board indicated its lack of appetite for changing policy to help address a slide in the yen to a two-decade low during discussions at a meeting last month

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