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EU Summit Begins with Ukraine Membership Bid, Financing Package on Agenda

HUNGARY
  • The European Union begins a summit in Brussels where the bloc is scheduled to decide on a EUR50bln financing package for Kyiv and on whether to start EU membership talks with Ukraine. Prime Minister Orban has been blocking both issues so far.
  • As a reminder, the European Commission unlocked EUR10.2bln of funding for Hungary just ahead of the EU Council summit today. This followed the Hungarian government passing related judicial reforms in parliament. Around EUR21bln of Hungary's funding remains locked, the Commission added.
  • There are no major releases on the local docket today with attention shifting to the ECB rate decision later this afternoon, where a hold decision is unanimously expected.
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