If there’s one thing we know for sure about what happened during a confusing and dramatic night in the House of Commons, it’s that Boris Johnson failed in his attempt to call a general election on Oct. 15. Coupled with his defeat on legislation that would delay the U.K.’s departure from the EU, his Brexit strategy is in complete disarray, and politicians from all sides are divided over what happens next. In Brussels, officials are increasingly pessimistic over the prospects of a deal. The next few days could prove crucial.

What’s Happening?

Merkel in China | Germany is the latest country to go from bullish to bearish on China, toughening its stance on investment, trade and intellectual property. But it’s a high-risk strategy at a time when Germany’s export-dependent economy — caught in the middle of the Sino-American trade spat — is flirting with recession. Even for a seasoned negotiator like Angela Merkel, it will be a balancing act. Nuclear Deadline | Iran will today unveil further plans to ramp up its atomic activities, while giving Europe two more months to try to keep the country’s battered nuclear accord alive as the U.S. piles on new sanctions. Europe will use that time to try to find a way around U.S. restrictions on Iran’s oil exports, after failing to meet Tehran’s deadline to work out a mechanism. Peace Offering | If Giuseppe Conte wanted to prove his new government is one Europe can now do business with, his choice of finance minister might be Exhibit A. Roberto Gualtieri is a veteran European lawmaker known more in the political bubble in Brussels than in Rome, and that might be crucial in repairing Italian relations with the EU after a fractious year. ECB Vacancy | The search for one of the ECB’s top jobs is about to be set in motion. Executive board member Benoit Coeure’s term comes to an end this year and senior euro-area finance ministry officials gathering in Brussels today are expected to agree to start the procedure to find his successor at their ministers’ meeting in Helsinki next week. With Mario Draghi’s term coming to an end next month, Italy is widely expected to get the slot. In Case You Missed It Lagarde’s Path | European Central Bank presidential nominee Christine Lagarde signaled that she plans to follow Draghi’s example in finding ways to keep monetary policy exceptionally loose. Deutsche Bank and UBS won’t be impressed, as an ever-increasing number of investors refuse to buy the inflation-boosting policies central banks are selling. Economic Malaise | The latest economic data may strengthen the hand of policy makers advocating for more aggressive action from the ECB. An erosion of euro-area business confidence due to trade tensions and political uncertainty suggests the feeble pace of expansion is unlikely to pick up. Socialist Threat | A specter is haunting Britain’s wealthiest people. No, not Brexit, it’s Corbynism. U.K.’s super-rich fear the leftist firebrand Labour leader much more than a chaotic Brexit or an impending recession. Here’s why. Istanbul-Budapest Express | A guitar-strumming, social-media savvy young politician has managed to unite the opposition in Budapest against the incumbent mayor backed by Prime Minister Viktor Orban. Gergely Karacsony said that his next task is to emulate the shock victory by Turkish opposition in Istanbul and create a beachhead against Orban in the Hungarian capital ahead of the next parliamentary elections.

Minority governments aren’t all that unusual in the EU. Yet in the U.K. — which typically is governed by a one-party majority — that form of rule has gone sour. Just ask Theresa May and Boris Johnson.