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Funding Judgement Delayed, Focus Remains on Government Assurances

HUNGARY
  • Few new details on the Hungary funding process over the weekend, although late on Friday, European Commissioner Reynders commented that any agreement over COVID recovery funds will be accompanied by “vigorous and effective” implementation of reform. Reynders added that the EU still have concerns over judicial independence, which the government must address.
  • A deadline originally slated for this week (November 22nd) has been pushed back to November 29th for the European Commission to rule on any potential approval for the COVID recovery plan as well as frozen pre-approved funding after rule of law concerns. Local focus will remain on any comments or clues, as markets expect approval for COVID funding plans – but with heavy conditions attached.
  • The NBH decision due tomorrow is expected to keep the base rate unchanged at 13.00%, with wages and unemployment rate data following later in the week.
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