Wood and Company - European macro: EU Budget 2021-27 â€“ details and implications of the first draft

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Wood and Company

Raffaella Tenconi

European macro: EU Budget 2021-27 â€“ details and implications of the first draft

The European Commission released its proposal for the 2021-27 Multiannual Financial Framework at the beginning of May. The proposal will be reviewed by the EU Council and parliament in the coming months, and President Junker hopes to complete the bulk of the negotiations by May 2019.
The proposal, in our view, shows that the worst option has been avoided: a severe trimming of the budget, which would have made it clear that the solidarity era is over in the EU. At the same time, the proposal does not, in our view, take the next big leap forward: the Commission proposes to do a lot more with the same resources. There is a strong emphasis on investment and youth support, which is laudable, but not enough, in our view, to turn around the generalised lack of enthusiasm of EU voters towards the institution.

25/05/2018 13 EN

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Wood and Company

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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Analysts

Raffaella Tenconi

Other Reports from Wood and Company

Research Team

Research Team

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European macro: EU Budget 2021-27 â€“ details and implications of the first draft

WOOD Daily: CZ Banks; ALARABIA AB; GEV CP; EME Macro/Strategy Weekly; CAR PW

EME Macro/Strategy: macro all-in-one (13-19 May)

WOOD Flash – GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate

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