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Nagy Becomes Econ Policy Czar in New Economic Cabinet Role

HUNGARY
  • A rejigging of ministerial positions has resulted in Marton Nagy, the Economic Development Minister, being more influential on economic policy rather than finance minister Varga after Nagy's appointment to the Economic Cabinet. The cabinet has been tasked with "strict defence of the budget balance".
  • On the approach to Ukraine, the Hungarian foreign minister stated that Germany are "misunderstanding" Budapest's approach, with the stance being carefully considered and well-founded.
  • Parliament confirmed yesterday that the ruling parties formally submitted their draft resolution opposing the beginning of accession talks for Kyiv.
  • Orban is set to meet with French President Macron later today at a dinner, at which the agenda of the upcoming EU Council meeting is set to be discussed. The meeting comes as tensions between Budapest and the EU continue to deteriorate as Orban threatens to veto spending legislation and Ukraine accession talks.
  • CPI and trade balance data takes focus Friday, with markets expecting Y/Y CPI to slow further to multi-year lows at 8.0%.

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