EME Macro/Strategy: how big should the political risk premium in Europe be?
The European Parliamentary elections that took place recently mark an important milestone for the European outlook, in our view. In the near term (12-24 months), we see the consequences of these elections mostly in a positive light, despite the turmoil they triggered in France and Germany. Our assessment is that there are significant fractures inside the Union, which could destabilise the Union severely, if left unaddressed; however, the timeframe is 5-10 years away. The shorter term is likely to be influenced mostly by monetary policy. We provide an overview of the latest academic thinking on the neutral level of interest rate, which does not clearly point to the need for higher interest rates than in the recent past, on our assessment.
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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