Mark Filipino hosts this Financial Times News briefing covering major developments in European diplomacy, African economic crises, and US Federal Reserve leadership transitions.

The episode features Henry Foy, FT's Brussels Bureau Chief, discussing Europe's new approach to Ukraine negotiations, and Claire Jones, FT's US Economics Editor, analyzing Jerome Powell's tenure as Fed Chair.

Key topics include Europe's plan for independent Putin negotiations, escalating fuel crises across Africa leading to deadly protests, and Powell's final days defending Federal Reserve independence against political pressure.

Europe Plans Independent Putin Negotiations

European leaders are developing their own special envoy to negotiate with Vladimir Putin as US-led Ukraine peace talks have stalled due to Iran war distractions and frontline stalemate.

Both Ukraine's Zelensky and Russia have signaled openness to European-led talks, with Putin's spokesperson saying 'they think it's great if somebody wants to pick up the phone' - Henry.

Four leading candidates are shortlisted for discussion by EU foreign ministers next week: Mario Draghi, Angela Merkel, Alexander Stubb, and Sauli Niinistö.

Draghi is viewed as 'a technocratic, pragmatic, solid figure that could speak on behalf of the entire continent' while Merkel 'has the best relationship with Putin' but some consider her 'too close to the Kremlin' - Henry.

African Fuel Crisis Triggers Deadly Protests

Diesel and petrol prices are surging up to 46% across African countries as the US-Iran war continues disrupting global oil supplies.

Kenya experienced deadly protests this week over high petrol prices, resulting in four deaths from violent demonstrations.

Comoros government was forced to stop raising fuel prices after deadly protests, while Malawi has completely run out of fuel reserves and is negotiating with a Pan-African bank for import financing.

Powell's Fed Legacy Ends Amid Independence Battle

Jerome Powell's term as Federal Reserve Chair officially ends Friday when Kevin Warsh is sworn in, concluding a tenure that began in 2018 under Trump who later called him a 'moron.'

Powell inherited a strong economy with unemployment near two-decade lows, but the Fed's rate increases quickly led Trump to ponder whether Powell or China's Xi Jinping was 'a bigger enemy to America' - Claire.

The Fed's COVID response included 'very sharp falls in interest rates' and 'massive bond buy-in sprees' that helped cushion economic impact but contributed to 'the worst wave of inflation in decades' - Claire.

Powell directly confronted Trump's attacks in January, stating 'This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.'

Republican Senator Tom Tillis backed Powell by refusing to allow Trump's nominee Kevin Warsh to proceed unless the probe against Powell was dropped, demonstrating bipartisan support for Fed independence.