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In my first draft of this column it was all about Eurovision song contest wins, and the interesting timing of Russia’s (number second in the Eurovision) military exercise on the borders of Sweden the following day, but then I decided that an attempt at a witty Brussels column might be too risky… So what have been the big developments in Brussels this week?

Firstly (and this is not an attempt at humour): the European Commission has presented its proposal for the 2016 EU budget. The EU budget amounts to 1% of Europe’s GDP but, says the Commission, “has a big impact”. Nearly half of it (€66.58 billion) will be used to stimulate growth, employment and competitiveness.

Next, the Institutions have reached a deal on the European Fund for Strategic Investments which was tabled by the Commission in January and aims to mobilise €315 billion in private and public investment to fund projects across Europe.

The fund is part of the Commission’s Jobs and Growth plan from November which was also one of the key topics at this week’s Competitiveness Council (the final one for Latvia), including the efforts to deepen the internal market (new Strategy expected in the autumn) and the new Digital Single Market Strategy. Ministers adopted conclusions on a rather vague sounding “digital transformation of industry”, which is, in essence, a political impetus to the continued work in the area.

Also, the European Parliament’s International Affairs Committee has adopted its recommendations this week on the TTIP negotiations with the US. The vote is seen as a backing of the Commission’s approach. Recent weeks have seen a deluge of Parliamentary Questions on TTIP which Trade Commissioner Cecilia Malmström’s team have been busy replying to. The Commissioner is determined to making the negotiations as transparent as possible (go Sweden!). One of the Questions tabled is from Member of the European Parliament Franck Proust (there is some humour in there after all? For those familiar with the French literary history and Marcel Proust’s “In search of lost time” there are great possibilities for play on words: In search of lost momentum over time?). He asks if the Commission will inform citizens of the concrete consequences of TTIP. Malmström has yet to respond to this one but the Commission has already run into some trouble for allegedly launching a positive PR campaign on TTIP (the trick seems to be that the information has to be negative for the Commission not be criticised).

Moreover, the Commission has this week adopted its monthly infringements package - the procedure by which it can take legal action against Member States for not respecting EU law. Among others, it has requested 11 Member States to properly apply the EU rules on Bank Recovery and Resolution, part of the new framework to ensure a stable banking sector. The decision happens to coincide with the week’s major non-event, namely the European Parliament Economic Affairs Committee’s 30-to-29 vote to reject the report on the Bank Structural Reform proposal.

Finally, during the coming weekend, G7 representatives will meet in Germany. The main topics on the agenda are the global economy, foreign affairs, development issues, the international negotiations on climate change and security. You will all recall that the G7 used to be G8 but perhaps you are searching your memory for the 8th member? The circle (and this column) will be closed: Russia, of course.