The Day at a Glance | March 3 2021

The Top

· Senate in Mexico approves changes made to the Electricity Industry Law; the opposition is expected to reclaim institutionalism before the Supreme Court.

· US could vaccinate its entire population by May: Biden.

· US Senate starts debate regarding fiscal stimulus; unemployment aid and checks to households could be reduced.

· ECB carries out verbal interventions to stop a rise in interest rates; the asset purchasing program was reduced to its lowest level in 4 weeks.

· United Kingdom extends stimuli and pandemic aid in 2021.

Economic environment

The Mexican Senate approved changes to the Electricity Industry Law suggested by the President. Voting allowed the proposal to advance without any changes, with 68 votes in favor and 58 against. Voting was carried out in blocks, with Morena, the PT and PES voting in favor, while the opposition united against the proposed bill. The law will be sent to the Executive power for it to be enacted and come into force. The bill seeks to give back production preference to the CFE, limiting private participation; especially regarding the generation of electricity with renewable sources. Those who approved the bill assure that the electricity industry will remain strong and healthy, as an important source of employment and a pillar that will boost development and is a fundamental part of sovereignty and national security. For the opposition, the bill goes against the Constitution because of a series of agreements and international pledges that Mexico has been a part of in attempts to achieve a transition of energy and stop climate change. PAN, PRI, PRD and Movimiento Ciudadano will object by bringing forward a claim of unconstitutional dispute before the Supreme Court in a process that could stop the law from moving forward for several months until the Court makes a decision.