The China Mail - EU commission recommends funding freeze for Hungary

USD -
AED 3.672504
AFN 65.503991
ALL 79.180391
AMD 364.204132
ANG 1.789783
AOA 917.000367
ARS 1499.052487
AUD 1.396258
AWG 1.80125
AZN 1.70397
BAM 1.673269
BBD 2.016426
BDT 122.342473
BGN 1.696366
BHD 0.377465
BIF 2979.42422
BMD 1
BND 1.270394
BOB 11.563503
BRL 5.139504
BSD 1.001155
BTN 95.810412
BWP 13.414895
BYN 2.994995
BYR 19600
BZD 2.013518
CAD 1.37725
CDF 2275.000362
CHF 0.801408
CLF 0.023248
CLP 924.387218
CNY 6.72125
CNH 6.721155
COP 3075.416007
CRC 455.575993
CUC 1
CUP 26.5
CVE 94.336313
CZK 20.648604
DJF 178.277794
DKK 6.40104
DOP 58.655944
DZD 132.82204
EGP 50.864525
ERN 15
ETB 161.91513
EUR 0.855604
FJD 2.191604
FKP 0.733046
GBP 0.733084
GEL 2.60504
GGP 0.733046
GHS 11.137443
GIP 0.733046
GMD 73.503851
GNF 8796.680498
GTQ 7.639988
GYD 209.453737
HKD 7.84135
HNL 26.847756
HRK 6.452604
HTG 130.97489
HUF 310.49504
IDR 17649.8
ILS 2.987204
IMP 0.733046
INR 95.700504
IQD 1311.545536
IRR 1374600.000352
ISK 121.250386
JEP 0.733046
JMD 158.891218
JOD 0.70904
JPY 158.97504
KES 129.6488
KGS 87.450384
KHR 4041.57933
KMF 422.00035
KPW 900.000294
KRW 1386.00035
KWD 0.30843
KYD 0.834324
KZT 460.94024
LAK 22551.225564
LBP 89657.013304
LKR 329.580357
LRD 181.708517
LSL 16.053899
LTL 2.95274
LVL 0.60489
LYD 6.362664
MAD 9.24661
MDL 17.234889
MGA 4281.131026
MKD 52.637208
MMK 2099.408357
MNT 3597.717458
MOP 8.084613
MRU 39.893913
MUR 46.603741
MVR 15.450378
MWK 1735.979809
MXN 16.917404
MYR 4.038504
MZN 63.880377
NAD 16.053899
NGN 1345.503725
NIO 36.839629
NOK 9.303975
NPR 153.29683
NZD 1.672241
OMR 0.384386
PAB 1.001155
PEN 3.356461
PGK 4.43684
PHP 61.665038
PKR 277.79544
PLN 3.69265
PYG 6030.71395
QAR 3.639475
RON 4.49875
RSD 100.406382
RUB 82.677332
RWF 1475.210677
SAR 3.761427
SBD 8.032258
SCR 13.734782
SDG 601.503676
SEK 9.462504
SGD 1.269504
SHP 0.740866
SLE 24.603667
SLL 20969.499227
SOS 572.186337
SRD 37.77037
STD 20697.981008
STN 20.960773
SVC 8.759892
SYP 13001.999906
SZL 16.043119
THB 33.045038
TJS 9.235659
TMT 3.5
TND 2.911836
TOP 2.40776
TRY 48.042504
TTD 6.790435
TWD 31.845038
TZS 2653.206143
UAH 44.735424
UGX 3724.173333
UYU 40.270351
UZS 11868.931001
VES 778.98225
VND 26125
VUV 118.516952
WST 2.715975
XAF 561.198614
XAG 0.014494
XAU 0.000217
XCD 2.70255
XCG 1.804338
XDR 0.707052
XOF 561.198614
XPF 102.031912
YER 237.075037
ZAR 16.01902
ZMK 9001.203584
ZMW 18.997305
ZWL 321.999592
  • CMSC

    -0.1780

    21.102

    -0.84%

  • CMSD

    -0.1400

    20.98

    -0.67%

  • RELX

    0.5300

    35.91

    +1.48%

  • RBGPF

    0.0000

    68.56

    0%

  • RIO

    3.1300

    105.3

    +2.97%

  • BCE

    -0.0700

    23.71

    -0.3%

  • BTI

    -0.4900

    56.21

    -0.87%

  • GSK

    0.4500

    52.41

    +0.86%

  • NGG

    -0.8600

    79.76

    -1.08%

  • AZN

    1.4900

    165.98

    +0.9%

  • BCC

    0.7000

    82.47

    +0.85%

  • JRI

    -0.0300

    12.38

    -0.24%

  • RYCEF

    -0.2500

    20.25

    -1.23%

  • VOD

    -0.0500

    15.96

    -0.31%

  • BP

    -0.3800

    44.76

    -0.85%

EU commission recommends funding freeze for Hungary
EU commission recommends funding freeze for Hungary / Photo: © AFP

EU commission recommends funding freeze for Hungary

The European Commission recommended on Wednesday that 13 billion euros ($13 billion) in EU funds for Hungary be frozen because Budapest is falling short on its commitments to meet European rule of law.

Text size:

The EU executive said Hungary had in particular failed to make good on promised reforms to ensure a fair judicial system when it comes to prosecutorial decisions.

EU member states will now have until December 19 to vote on whether to back, reject or change the commission recommendation.

"Hungary has not progressed enough in its reforms," the commission said in a statement, noting that it had "failed to adequately implement" parts of the 17 remedial measures it had pledged to carry out by a deadline that ran out on November 19.

As a result, the commission upheld an earlier warning that it would suspend 65 percent of EU budget funding earmarked for Hungary, amounting to 7.5 billion euros.

Also, 5.8 billion euros from an EU coronavirus recovery fund was frozen until Hungary showed it was meeting 27 "super milestones" for its reforms, particularly on the judiciary issue.

"The 'essential milestones' must all be met in full before Hungary can submit its payment request," commission Vice President Valdis Dombrovskis told a news conference.

"If they are not met, the entire payment would be blocked, and all subsequent ones too. In short: no funds will flow until the 'essential milestones' are properly implemented."

The commission's blunt recommendation was foreshadowed well in advance, with Hungary under repeated criticism by Brussels for perceived backsliding on principles and practices underpinning EU standards of democracy and law.

EU officials, however, indicated they were aware of the risk that Hungary might continue with blocking tactics on EU decisions requiring member state unanimity, a form of "blackmail" to try to ease the pressure from Brussels.

Budapest has already been standing in the way of efforts to extend sanctions on Moscow -- with which it has good ties and energy dependency -- over Russia's war in Ukraine.

Hungary denies that its obstructionism is linked to the tussle over rule of law.

Yet those stakes -- and tactics -- will be on the table when EU ministers and leaders hold previously scheduled meetings over the coming weeks.

In a carrot-and-stick approach, the commission gave a positive assessment of Hungary's plan for the coronavirus recovery money, so that it can be unblocked -- but only if member states sign off on it before the end of December.

If that doesn't happen, under rules for that fund, Hungary would lose 70 percent of the grants set aside for it.

B.Clarke--ThChM