### Clue: Incipient failure in a new climate is to transform these, tough for the moment (9,5)
### Answer: FINANCIAL TIMES 
 ### Explanation: Definition: these, tough for the moment
 F{initial letter of(incipient) "failure"} + IN + A + N(abbrev. for $$n$$ew) + **anagram of**(to transform) CLIMATE IS.
Answer:  The "these" in the defn.  Current,for the moment financially tough times for the EU, in a new climate of financial/monetary failures.  A clever WIWD (wordplay intertwined with defn.).  First of "financial" clues.