SLOVAKIA: Opposition Disarray Allows Motion Opposing EU Russia Sanctions To Pass

Jun-05 14:50

The Slovakian National Council has unexpectedly passed a motion put forward by the right-wing Russophile Slovak National Party stating that gov't ministers should not vote for further EU sanctions or trade restrictions on Russia in a move that could risk a major falling-out with Brussels.

  • Of the 150 National Council members, 76 were recorded present for the vote, the narrowest quorum possible. Fifty-one voted in favour, with one vote against, 23 abstentions, and one non-voter.
  • An error in parliamentary tactics by the opposition appears to have allowed the motion to progress. The leadership of the liberal Progressive Slovakia (PS) removed their cards from parliamentary voting devices when the motion was submitted (withdrawing them from the vote and marking them as absent), with other opposition lawmakers joining in. This was because, in indicating their 'absence', a quorum would not be reached and no vote would take place.
  • However, PS lawmaker Martina Bajo Holeckova was recorded as present, crossing the threshold for a quorum. She claims to have signalled her absence and that her voting device malfunctioned. Despite this, the passage of the motion stands.
  • Should the opposition lawmakers have taken part in the vote, they would have had sufficient support to defeat the motion.
  • A crucial question now is whether the motion is legally binding on PM Robert Fico (local media suggesting this is unclear).
  • To date, he and his gov't have backed all EU sanctions on Russia. However, his recent meeting with President Vladimir Putin in Moscow has raised concerns in the EU that this stance could change. 

Historical bullets

UK DMO UPDATE: Quarterly Consultations With Gilt Market Investors

May-06 14:34

"The DMO would like to invite GEMMs and gilt investors to join discussions [...] on gilt issuance in July to September 2025. Attendees may be nominated by their representative organisations, or they may contact the DMO directly."

  • "Please contact ceo-office@dmo.gov.uk by 12.00pm on Friday 9 May 2025 if you would like to request a place."

GILT AUCTION PREVIEW: On offer next week

May-06 14:31

The DMO has announced it will be looking to sell GBP1.0bln of the 0.625% Mar-45 linker (ISIN: GB00BMF9LH90) at its auction next Tuesday, May 13.

GERMANY: Merz Confirmed As Chancellor After Winning Required Absolute Majority

May-06 14:31

Friedrich Merz will be sworn in as chancellor later today after winning an absolute majority in the Bundestag at the second attempt. Merz secured the backing of 325 lawmakers, above the 316 absolute majority threshold, and 15 more than voted for him in this morning's first round that resulted in his shock defeat. The figure approving Merz is three short of the full seat total for his centre-right Christian Democratic Union/Christian Social Union (CDU/CSU) and the centre-left Social Democrats (SPD) that will form the next gov't. 

  • The number voting against Merz fell from 307 to 289, with one abstention and three invalid ballots. This means 12 lawmakers did not vote at all, up from nine this morning. Merz will now meet with President Frank-Walter Steinmeier, and then return to the Bundestag to be formally sworn-in at 1815CET (1215ET, 1715BST).
  • The political drama of today will be swiftly forgotten, with focus turning to how the new Merz administration copes with the significant economic, social, and geopolitical issues facing Germany at present. Nevertheless, the tight margins for Merz in just getting his nomination approved could hint at troubles further down the line in terms of passing legislation in the Bundestag. It remains to be seen whether those anti-Merz SPD or CDU/CSU lawmakers maintain their rebellious streak in other bundestag votes where they do not have the blanket of anonymity in voting that is the case in chancellor confirmations.