Despite the openings of the European summit, the road to the recovery fund remains all uphill. Many uncertainties, almost all related to the resistance of the Northern countries that during the videoconference of the leaders did not make great concessions to the neighbors of the South, except to accept the idea of transforming the next common budget into an anti-crisis weapon, possibly making it more powerful. But on numbers and functioning, the ideas remain very different: the front is always divided between those who want to distribute real solidarity, helping the most affected countries with grants, and those who intend to make loans to be paid back in solidarity, perhaps more calmly. Part of the Mes game is still open as well: details on the type of expenses that the new credit line will be able to finance will be defined by May, by a new Eurogroup. On the Recovery fund front, the ball is now in the field of the European Commission. President Ursula von der Leyen wished to present a new proposal for a European budget, which will include the recovery fund, as early as 29 April. But after the summit it is clear that it will take longer, so its services work with a horizon that looks to the first half of May, perhaps immediately after the new economic forecasts that will be published on May 7. What is known so far is the intention to bring the ceiling of own resources from 1.2% to 2% of the EU GDP (currently it is just under 1.2%), for a period of two or three years.
The last session of the week in Piazza Affari closed down (Ftse Mib -0.89% at 16,858 points) pending the S&P verdict on Italy. Spot trading for 1.46 billion euros, down further compared to the last two sessions. The slowdown in the spread between the BTP and the Bund at 231 points did not prevent strong sales on bank securities, following the agreement in principle on the European Reconstruction Fund (Recovery Fund) to the EU Council.
