EME Macro/Strategy: German Supreme Court ruling – economists meet reality
Our take on the German Supreme Court ruling, delivered yesterday (5 May), is that, fundamentally, this is a big nudge towards the necessary ideological leap that the EU must take to survive. It also heralds the beginning of a multi-year process that will likely end in profound regulatory changes in response to this financial crisis. It will not stop the QE programme by the ECB any time soon, but it could have important implications for the funding strategies of treasuries around the Eurozone from this year already. We reiterate that we believe the consensus expectations are, on average, too optimistic about the economic outlook, especially with regards to the recovery in 2021E. We believe that this will become evident once we are past the peak of the unemployment rate, which should take place in June-July.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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