Discover and read the best of Twitter Threads about #ECOFIN
Most recents (7)
Market attention this week on @Banxico’s decision. We anticipate an unchanged rate at 11.25%. We will also know #1Q23GDP in the Eurozone and Japan, along with a plethora of comments from @federalreservemembers, including Powell by the end of the week
In the US earnings season, 15 companies of the S&P500 will release their earnings. So far, we know 91% of results, accumulating a 4.0% decline in earnings with a rate of positive surprises of 77.4%
Events are relatively scarce, highlighting the #ECOFIN meeting among EU members in Brussels, local elections in Northern Ireland, and the @G7 meeting in Hiroshima, Japan. @SecYellen will meet with top bank CEOs in Washington
Atención de la semana en la decisión de @Banxico, donde anticipamos la tasa sin cambios en 11.25%. También contaremos con el #PIB del 1T23 en la Eurozona y Japón, además de muchos comentarios de miembros del @federalreserve, incluyendo a Powell hacia el cierre de la semana
En la recta final de la temporada de reportes en EE.UU., esta semana conoceremos los resultados de 15 empresas del S&P500. Hasta el momento conocemos 91% de los resultados de las compañías, acumulando una caída de 4.0% de las utilidades y tasa de sorpresas positivas de 77.4%
La agenda de eventos es relativamente escasa, sobresaliendo la reunión del #ECOFIN de los miembros de la Eurozona en Bruselas, elecciones locales en Irlanda del Norte y la reunión del @G7 en Hiroshima, Japón. @SecYellen se reunirá con CEOs de los principales bancos en Washington
Today #ECOFIN postponed all four #Hungary related agenda items without decision as #Hungary made it clear that continues rejecting the EUR 18bn aid package to #Ukraine
#ECOFIN asked @EU_Commission to prepare an alternative legal/financial modality not requiring #unanimity
🧵 1/10
#ECOFIN asked @EU_Commission to prepare an alternative legal/financial modality not requiring #unanimity
🧵 1/10
2/10
Looking for alternative, #intergovernmental borrowing modalities would have been the sober and diligent approach - as many, including the author of this post suggested - couple of month ago.
Looking for alternative, #intergovernmental borrowing modalities would have been the sober and diligent approach - as many, including the author of this post suggested - couple of month ago.
3/10
Asking it now is an emergency measure demonstrating how little understanding Member States have about the challenge posed by #Hungary's #autocratizing regime to the #EU.
Asking it now is an emergency measure demonstrating how little understanding Member States have about the challenge posed by #Hungary's #autocratizing regime to the #EU.
EU source: law implementing the global deal on minimum taxation is taken off today’s @EUCouncil agenda, but the Hungarian #revovery plan will be discussed in a non-public session
The proposal under the #RuleofLaw conditionality procedure against #Hungary is also taken off today’s agenda➡️no decision today about freezing €7,5bln cohesion money to Hungary
@EUCouncil No deal on the aid to #Ukraine either: 26 member states are for, #Hungary is still against. This means no approval today of the Hungarian #recovery plan
#Ecofin
#Ecofin
The @EU_Commission presented its latest assessment about the #Hungarian Potemkin #AntiCorruption package on November 30. #Germany, #France & #Italy asking the #Commission a couple of days later to do the same again is a slap in the face of the Commission, @Europarl_EN
THREAD 1/7
THREAD 1/7
2/7
the German @Bundestag, which asked the #Bundesregierung to take a hard stance in this matter, and the #RuleOfLaw in general.
bundestag.de/dokumente/text…
the German @Bundestag, which asked the #Bundesregierung to take a hard stance in this matter, and the #RuleOfLaw in general.
bundestag.de/dokumente/text…
3/7
Escalating the issue to the #EUCO is also a wrong move.
The decision under the #ConditionalityRegulation about the suspension of EUR 7.5bn #CohesionFunds & the approval of the #Hungarian recovery plan should be solved in #ECOFIN with #QMV.
Escalating the issue to the #EUCO is also a wrong move.
The decision under the #ConditionalityRegulation about the suspension of EUR 7.5bn #CohesionFunds & the approval of the #Hungarian recovery plan should be solved in #ECOFIN with #QMV.
Who benefits from cutting petrol and diesel taxes?
Rich people with large, polluting cars who drive the most:
In 🇳🇱 the richest 10% drive 36,000km a year and need 2,600 litres of petrol
vs
The poorest 10% who drive 2,500km and buy 190 litres
Rich people with large, polluting cars who drive the most:
In 🇳🇱 the richest 10% drive 36,000km a year and need 2,600 litres of petrol
vs
The poorest 10% who drive 2,500km and buy 190 litres
Instead of subsidising the rich to drive big cars, EU finance ministers should agree *targeted social measures* to help low-income households that rely on cars to get to work
eg, the 5% of drivers in 🇩🇪 and 9% of drivers in 🇫🇷 who are 'forced car users'
eg, the 5% of drivers in 🇩🇪 and 9% of drivers in 🇫🇷 who are 'forced car users'
There needs to be *EU-wide coordination* of measures to avoid a race to the bottom:
❌No fuel tourism for the cheapest petrol⛽️
❌Excise duty cuts already agreed should end after 6 months📆
❌No fuel tourism for the cheapest petrol⛽️
❌Excise duty cuts already agreed should end after 6 months📆
Pro-tip for housebond Eurogroup watchers today. It starts at 1830. Don't expect much.
*housebond was a Freudian slip*
Core Hansa led by chief eurozone resister @WBHoekstra see world very differently from Macron, commission etc. They still see the ESM as a tool to step in when spreads blow up and a country loses market access à la 2008. That may never happen with coronavirus after the ECB's move
