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EU Finance Ministers to Discuss Frozen Funds, Though Decision May Be Delayed

HUNGARY
  • The EU Finance Ministers meeting is scheduled to begin at 1000CET (0400ET, 0900GMT), markets continue to expect the ministers to agree with the freezing of cohesion funds, while approving the COVID-19 recovery plan (the RRF), but with the catch that the funding will only be released once the Hungarian government hits all 27 'supermilestones' outlined by the Commission. While a decision had been expected to be reached today, France’s Le Maire said yesterday that that this timeline could be pushed back by about a week so ministers can further inspect the Commission's findings.
  • NBP Governor Matolcsy unleashed a scorching criticism of the government’s economic policy at a parliamentary hearing on Dec 5, saying the economy is facing a crisis and is among the four or five most vulnerable countries globally, bne IntelliNews reports. He called the government’s crisis management a flaw, blasting market-distorting price caps.
  • Lengthy queues formed at filling stations in Hungary after the country’s biggest oil company, Mol Nyrt, struggled to meet demand amid reduced output at its Danube Refinery due to unplanned maintenance just as state price caps drove up fuel consumption.
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