The far right enters Europe’s bloodstream

The far right is becoming mainstream in European politics [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. It was 2016. The Brits voted for Brexit and Americans elected Donald Trump. In Europe, some feared that populism would spread and the far right was on the cusp of power in many countries. Those prophecies proved to be overblown. Marine le Pen kept failing to win the French presidency and a Socialist took over as German Chancellor. But the political climate was unequivocally altered: Putting one’s country first in unashamedly nationalistic tones had entered the bloodstream. Right now, it seems that the [far right is having another moment](, from Spain and Greece to Poland and Slovakia. But what does that mean exactly? Each case is different. Italy is a useful barometer. The fascist label that dogged Georgia Meloni throughout her career has receded. She’s now a leader warmly welcomed in Democrat President Joe Biden’s White House. Is this the model these parties aspire to? The anti-immigrant Alternative for Germany has surged in the polls, particularly in the former Communist eastern states. But a Nazi scandal in Bavaria in August, when deputy president, Hubert Aiwanger, admitted to having an anti-Semitic flyer in his bag as a schoolboy in the 1980s is a reminder of Germany’s ugly past. Rather than hurt him, Aiwanger’s Free Voters party has gained supporters. The nearest electoral test will come in Poland, where support for the government is starting to sour among voters. More than 18 months after Russia’s invasion of Ukraine, a once-fringe party is capitalizing on the economic toll from the war next door. In truth, rather than having a moment, it’s probably more the case that the far right has escaped the fringes and become mainstream. — [Flavia Krause-Jackson]( Global Must Reads Biden announced a series of semiconductor, aerospace and infrastructure deals in Vietnam during his visit to the southeast Asian nation. The US president is promoting American [financing for projects]( in the developing world to counter China’s Belt and Road Initiative, including a new rail, natural gas and fiber corridor announced at the Group of 20 summit to link India to Europe through the Middle East. Unity and stability were what Chinese President Xi Jinping called for within the military during an inspection in the northeast, as [speculation mounts over]( the whereabouts of his defense minister. Rumors have been swirling on X, formerly known as Twitter, over Defense Minister Li Shangfu, who was last seen publicly on Aug. 29. North Korean weaponry could allow Russia to prolong its invasion of Ukraine, but probably [isn’t advanced enough]( to alter the course of the war. As Kim Jong Un appears to have departed for Russia on [his luxury armored train]( to meet with President Vladimir Putin, Pyongyang sits on some of the largest stockpiles of artillery and rockets that could be used to attack Ukraine. Morocco’s deadliest earthquake in six decades has [dealt a stunning blow]( to the country of 37 million that regards itself an island of stability in North Africa and has been a bright spot for investors wary of the region’s other economies. Marrakesh, the worst-hit city, is due to host the annual International Monetary Fund and World Bank meetings in October. Volunteers helping clear collapsed houses in Tafeghaghte on Sunday. Photographer: Fadel Senna/AFP/Getty Images Inflation is putting pressure on Europe’s commitment to measures aimed at slowing global warming. While opinion polls show most European voters want action on climate change as heat waves, wild fires and floods make the impact of greenhouse gas emissions ever clearer, [they’re reluctant to bear the cost]( of switching to less-polluting technology. President Emmanuel Macron rejected a demand by Niger’s military rulers to [withdraw French troops]( from the West African nation after a coup strained relations between the two countries. President Luiz Inacio Lula da Silva backed off a pledge that Putin would be safe to travel to next year’s G-20 summit in Brazil [without fear of arrest](, saying the issue is up to his country’s judiciary. Gabon’s military government plans hold [free elections in two years](, newly appointed Prime Minister Raymond Ndong Sima said, calling the transition period “a reasonable objective.” Washington Dispatch The rise of Mike Pence and Nikki Haley in recent polls of the Republican presidential contest indicates that money can do only so much at this stage of the race. They have run frugal campaigns, while Governor Ron DeSantis of Florida, who has raised and spent much more, loses ground. Their new luster also demonstrates the enduring importance of debates. Both Pence, the former vice president, and Haley, an ex-South Carolina governor and United Nations ambassador, were praised for their command of the issues at the first Republican candidate forum in Milwaukee last month. Yet while the shift in their poll fortunes is notable, DeSantis has a significant lead over them and all three remain far behind Trump, who didn’t show up in Milwaukee. One thing to watch today: The US will mark the 22nd anniversary of the attacks on Sept. 11, 2001. Biden will speak at a ceremony in Alaska on his way back from Vietnam. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 5pm ET weekdays on Bloomberg Television. Chart of the Day UK Prime Minister Rishi Sunak is [facing a backlash]( within his Conservative Party as he considers letting welfare benefits slip to create room for tax cuts. But some Tory MPs argue the measure is needed to give them a chance of overcoming Labour’s 20 percentage-point lead in polls. And Finally China’s youth unemployment may be at a record high and economic growth is faltering, but that hasn’t stopped Gen Z from shelling out for travel and leisure. Since the start of the year, consumers born after 1995 have steadily [increased spending on items]( such as movie tickets, beauty services and visits to bars and sporting events, according to consultancy Mintel Group, defying the rising unemployment rate for youngsters.​ Customers try on makeup at a MAC Cosmetics store in Beijing. Photographer: Gilles Sabrie/Bloomberg Thanks to the 32 people who answered our Friday quiz and congratulations to Claudio Eggert for being the first to name Italy as the country that’s home to the world’s oldest bank. 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