In times of crisis there is a fight to quality by bond traders who are keen to reduce their risks. However, in this crisis the countries of Central Europe have done surprisingly well thanks to the ECB support.
Hungary's big return to the international bond market shows it is expecting a lengthy spat with the EU but it also makes financial sense.
Targeted EU fiscal rule reform is desirable but should consider the inherent risks for smaller member states.
The fact the Biden administration pulled the plug on allies and friends in Afghanistan, and against the advice of allies in Nato, just affirms its all encompassing focus on China in foreign policy.
This week the Czech National Bank increased its key interest rate for the first time in the last 16 months, while the Hungarian National Bank did so for the first time in the last 10 years.