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EU Likely to Approve Post-Pandemic Spending Today – Through Gritted Teeth

POLAND
  • The Polish government will today likely receive approval for their spending package plans covering €36bln of post-pandemic stimulus. The spending plans had to be pushed by around 12 months as part of the dispute with the EU over changes to the judiciary. A lawmaker vote from last week went against some of the legislation on courts, which has helped ease the deadlock.
  • Despite an approval from the EU today, Bloomberg reports that the approval should be seen a gesture of goodwill, rather than a resolution to the dispute with the EU over rule of law, according to diplomats.
  • Rzeczpospolita reports that the number of clients buying property with a mortgage is expected to decline by half or even two-thirds, in direct response to the rising cost of credit. The figures were calculated by consultancy Emmerson Evaluation.
  • Elsewhere, BNP Paribas are reportedly limiting mortgage sales to existing clients only from June, restricting products just to those with 3-month experience with the bank.
  • Manufacturing PMI out this morning slipped below 50, dropping to 48.5 vs. Exp, 51.9 (Prev. 52.4).
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