GREETINGS and welcome to Global Playbook. I’m Suzanne Lynch, bringing you the latest edition of POLITICO’s global newsletter as we gear up for next week's IMF-World Bank meetings. The annual gathering in Washington will see finance types from across the world convene for their fall get-together — just two weeks ahead of the Nov. 5 U.S. election. More on the economy below.
But first ... GUESS WHO SHOWED UP IN BRUSSELS: There’s lots happening on the other side of the Atlantic, too. In Brussels, EU leaders are wrapping up three days of meetings that featured an in-person cameo by Saudi Crown Prince Mohammed bin Salman — the latest sign of his reputation rehab after the murder of dissident journalist Jamal Khashoggi six years ago in the Saudi consulate in Istanbul. Europe’s shift to the right politically was on full display at the EU summit, with leaders from Poland's Donald Tusk to Italy's Giorgia Meloni backing tough migration laws that wouldn't look out of place in a Trump administration, as my colleague Nicholas Vinocur writes. (More on that below.) RUTTE'S DEBUT: On the other side of town, NATO heavy-hitters including U.S. Defense Secretary Lloyd Austin are meeting at the alliance’s headquarters in Brussels for their first gathering since Mark Rutte replaced Jens Stoltenberg as NATO secretary-general. UKRAINE IN FOCUS: President Volodymyr Zelenskyy has once again flown into an international gathering to try to drum up support for Ukraine’s cause and to present his victory plan, visiting NATO and addressing the EU summit. But he'll again return to Kyiv warmed by words but few concrete results in the form of extra weapons or permission to use long-range missiles to strike deep into Russia. BIDEN IN BERLIN: Ukraine will also be on the agenda when German Chancellor Olaf Scholz meets U.S. President Joe Biden later today in Berlin. The trip had been originally scheduled for last week as part of a more substantive foreign itinerary for the outgoing president, but postponed because of Hurricane Milton. But as our POLITICO colleagues in Berlin report, the real question is whether the meeting will matter much in a few weeks after the U.S. election. GLOBAL ECONOMY DEBT WARNING: Global debt is on track to pass the whopping $100 trillion mark by the end of the year, the IMF warned this week, adding another problem to the list of economic headaches finance leaders are facing as they prepare to gather next week in Washington for the annual meetings. Say it like you mean it: In a kicker, the fund declared in the deadpan tone characteristic of financial analysts that “Global Public Debt Is Probably Worse Than it Looks” — warning that fiscal discourse has tilted toward higher government spending across the political spectrum, as governments spend, spend, spend. Not sugar-coating: IMF chief Kristalina Georgieva didn’t mince words at her pre-meeting press conference Thursday, predicting an “unforgiving combination of low growth and high debt,” which makes for “a difficult future.” That sets the scene for some economic soul-searching at next week’s gathering. EUROPE'S WOES: While the looming U.S. election and its implications for the world’s largest economy is likely to dominate events, Europe’s economic challenges are also in the spotlight. European Central Bank boss Christine Lagarde arrives in Washington next week after the ECB cut interest rates for a third time this year on Thursday, as inflation continues to fall and the EU economy remains sluggish. CHINA'S TRAVAILS: Worries about the Chinese economy will also be front-and-center in Washington. It comes after official figures released today revealed China's economy grew by 4.6 percent in the three months to the end of September — the slowest pace since early last year. On the spend, spend, spend bandwagon: On Thursday, Beijing announced plans to shell out $562 billion in fresh loans to property developers to push them to complete unfinished buildings — yet another stimulus measure as the world’s second-largest economy remains in a rut. MOLDOVA'S EXISTENTIAL ELECTIONS MOMENT OF TRUTH: Voters in Moldova go to the polls this weekend for two elections with huge consequences for the ex-Soviet country: a presidential ballot and referendum on joining the EU. Why it matters: Moldova occupies a strategically important geopolitical space, sandwiched between the European Union and Ukraine. Led since 2020 by pro-Western President Maia Sandu (who is seeking another term), the country is a key focus for Russia, which has stationed troops in the breakaway Transnistria region to the north. My colleague Gabriel Gavin has this explainer. PLAYBOOK INTERVIEW: Nicu Popescu, Moldova’s former foreign minister and deputy prime minister, is one of the many young, Western-leaning politicians who served in the Sandu government. He told Playbook that a vote in favor of European integration would send an important signal about Moldova’s pro-Western commitment. Looking west for peace: “It’s countries to the west of Moldova who are in the EU who have not been affected by wars,” he noted. “In contrast, when you look to the east, most countries have either had wars or live under a dictatorship,” he said, name-checking Ukraine, Belarus and Georgia. Getting the message out: But the Sandu government is facing a tough battle ahead of the vote, with Russia waging a fierce disinformation campaign . Popescu noted that Moldovan sovereignty always had to contend with disinformation and propaganda from Russia in the three decades or so since independence. But this time it’s different. “Disinformation is the tip of the iceberg. It’s only a small part of what is being done in terms of hybrid attacks on Moldova,” Popescu said. A “much more brutal, much more direct effort” is also underway: “Effectively, citizens, local councillors, even some journalists and think tankers, are on Russia’s payroll.” More on those allegations here. Washington is watching: Sen. Ben Cardin , chair of the U.S. Senate Committee on Foreign Relations, wrote to the heads of social media companies including Google and Meta last week urging them to root out disinformation ahead of the votes. “This is a unique moment in Moldova’s history that will determine the future for generations of Moldovans — and the decision must be Moldovans’ alone,” he said. Meta removed a host of accounts targeting Russian-speaking audiences in Moldova last week for violating disinformation policies. At a crossroads: Moldova’s accession talks with the EU began in June this year, but the country will need to implement a host of reforms before it's actually admitted to the club. Still, Sunday’s vote on EU membership is seen as a watershed moment: A vote in favor of EU accession will lead to an amendment to the constitution, allowing the government to implement the onerous changes needed to meet the benchmarks required by Brussels. Getting going: Moldova has already started the process of EU integration, implementing some of the laws would-be members must enact before being allowed to join. There's also been a surge in cooperation particularly in the energy space, with Moldova hooking up to the EU's electricity grid. “Joining the EU is a process which has already started. Now it needs to be accelerated,” Popescu said. EU SWINGS RIGHT ON MIGRATION BACK IN THE HEADLINES: Almost a decade after the EU found itself deeply divided over the Syrian refugee crisis, migration has once again surged to the top of the political agenda in Europe. This time, there's been a distinct shift to the right, with countries as diverse as Germany, Poland, Finland and Italy tightening their borders and toughening their rhetoric, in part in response to anti-immigration parties' increasing popularity. Changing her tune: European Commission President Ursula von der Leyen — who just a few years ago pledged that the EU would never fund barbed wire or walls to keep migrants out — committed last night to drawing up new proposals to deport more failed asylum-seekers out of the bloc. Inspired by Meloni: Von der Leyen also said ahead of the summit of Europe's leaders that the EU could “draw lessons” from the far-right Italian government's controversial policy of outsourcing migrant processing to Albania, in a sign of just how much the pendulum has swung on migration. GLOBAL ROUND-UP MILE-HIGH ART: Luxury travel is back. Cathay Pacific announced it will offer a new art gallery in its revamped business class cabin, part of a multi-billion-dollar spend by the airline on its business offering. Readers can rest assured that your lowly Global Playbook scribe will not be traveling in such luxury to D.C. this weekend. ROYAL VISIT: Someone who likely is traveling in style, though, is King Charles III and his wife, Queen Camilla , who arrived in Sydney today for the first visit by a British monarch to Australia in 13 years. But while the Sydney Opera House was illuminated to welcome the couple, not all Aussies appear so keen to greet their official head of state: The premiers of the country's six states are skipping a reception to honor Charles and Camilla, prompting howls of protests from monarchists. MBS' LEGACY: As Saudi Arabia’s de-facto ruler Mohammed bin Salman was cheerily pressing the flesh with EU leaders on Thursday as part of a push by Brussels for closer EU-Gulf cooperation, his envoy to Britain revealed in this week’s Power Play podcast that those who Riyadh claims were behind the Khashoggi murder and dismemberment are still alive. It wasn’t me! Ambassador Prince Khalid bin Bandar al Saud also rejected the U.S. assessment that orders for Khashoggi's murder came from the very top. “Intelligence agencies all over the world can be wrong," he told host Anne McElvoy. PROGRAMMING NOTES SEE YOU NEXT WEEK: Global Playbook will be in your inbox daily at 7 a.m. Eastern Time next Wednesday, Thursday and Friday, bringing you all the latest from the IMF-World Bank meetings in Washington D.C. THANKS TO: Global Playbook Editor Zoya Sheftalovich and Editor Sanya Khetani-Shah. | 
