The decision by Romania’s constitutional court to annul the first round of the presidential election today after suggestions of Russian interference has been followed by a positive reaction in Romania’s financial markets, presumably reflecting investors pricing out the risk of a deterioration in relations with the EU and NATO. Taking a step back, though, we still think there’s plenty to be concerned about, which suggests that the relief rally will prove fleeting. Meanwhile, developments elsewhere across the region this week point to interest rate cuts arriving later than many analysts have been expecting.
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