-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI POLICY: EU States To Choose Easier, 7-Year Fiscal Plans
MNI (BRUSSELS) - It is becoming obvious to eurozone finance ministers that many member states are likely to request seven-year debt-cutting plans instead of the standard, default four-year plans, meaning they will undertake annual fiscal adjustments of around 0.3% of GDP on average rather than about 0.7%, MNI understands.
This means fiscal policy from next year - the starting year of the new rules - will be only “slightly contractionary,” according to Brussels’ terminology, despite the statement by eurozone finance ministers following Monday’s Eurogroup meeting that "the implementation of the revised governance framework is expected to lead to a contractionary fiscal stance for the euro area as a whole in 2025".
The Eurogroup statement raised a few eyebrows as Economy Commissioner Paolo Gentiloni had told reporters just before heading into the talks that the stance of policy was likely to be only "slightly contractionary".
States are due to submit medium-term fiscal-structural plans to the European Commission from Sept 21 to early October. At that point it will become clear which states are leaning towards for seven-year plans.
Among those are very likely to be the higher-debt states France, Italy, Spain and Belgium. Higher-debt states will still have to make slightly larger deficit reductions under the bloc’s new fiscal rules.
MNI understands that there is concern in Eurogroup circles that the Commission trajectories even for those countries with seven-year plans may prove politically difficult to implement. (See MNI: EU Already Looking At Flexibility For France- Officials)
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.