Financing the recovery must not burden the next generation
Ahead of the start of the German Council Presidency and of the 17 July European Council, Budgets Committee Chair Van Overtveldt set out Parliament’s position on the long-term EU budget.
Adam
Economy
Matolcsy Outlines Reforms for Coming Decade
National Bank of Hungary (NBH) governor György Matolcsy outlined twelve reforms he said would be necessary to preserve and increase Hungary’s success in the coming decade in an op-ed piece published on the website novekedes.hu.
Base Rate May Be Cut in July
Following Tuesday’s surprise 15 basis point cut to interest rate, another reduction may be in the cards in July.
US dollar liquidity-providing operations from 1 July 2020
ECB and other major central banks to reduce frequency of 7-day US dollar operations from daily to three times per week, operations with 84-day maturity continue to be offered weekly New frequency effective from 1 July 2020, to remain in place for as long as appropriate to support smooth functioning of US dollar funding markets […]
Consolidated financial statement of the Eurosystem as at 19 June 2020
In the week ending 19 June 2020 the net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 22.9 billion to EUR 351.2 billion, owing mainly to a reduction in US dollar liquidity-providing operations. As a result of the Eurosystem’s open market operations and standing facilities, net lending to credit institutions […]
Monetary developments in the euro area: May 2020
Annual growth rate of broad monetary aggregate M3 increased to 8.9% in May 2020 from 8.2% in April (revised from 8.3%) Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 12.5% in May from 11.9% in April Annual growth rate of adjusted loans to households stood at […]
New Eurosystem repo facility to provide euro liquidity to non-euro area central banks
Eurosystem repo facility for central banks (EUREP) introduced as precautionary backstop to address pandemic-related euro liquidity needs outside euro area EUREP to allow broad set of central banks to borrow euro against euro-denominated debt issued by euro area central governments and supranational institution New facility to be available until June 2021 In response to the […]
After Downturn, Major Growth Expected Next Year
Századvég analyst Gábor Regős reckons Hungary’s economy will contract by almost 3% this year before picking up to 5% in 2021.
Matolcsy: Base Rate Cut Serves to Jumpstart Economy
Explaining Tuesday’s base rate cut, György Matolcsy, governor of the National Bank of Hungary (NBH), told a press conference after the Monetary Council’s meeting that the central bank had to make decisions for the economy to take the expected jumpstart from the third quarter.
Central Bank Cuts Base Rate To 0.75%
Hungary’s central bank (NBH) rate-setters cut the base rate by 15 basis points to 0.75% at a regular meeting.