EC identifies 'serious risk' for sound financial management of EU budget in Hungary

EU

Didier Reynders

Photo by Alexandros Michailidis / Shutterstock.com

The European Commission has identified issues in Hungary that indicate sound management of European Union monies are at risk, European Union Commissioner for Justice Didier Reynders said at a hearing in the European Parliament in Strasbourg on Tuesday, according to a report by state news wire MTI.

At the hearing held in the framework of a procedure launched against Hungary over concerns regarding the rule of law that could deprive the country of its EU voting rights, Reynders noted that the EC sent Hungary written notification a week earlier launching a so-called conditionality procedure against the country that could result in the suspension of its EU funding.

 "The commission has identified a number of rule of law issues, including corruption-related [ones] that constitute...grounds for the launch of the procedure and the general regime of conditionality," Reynders said.

"Indeed, these issues affect or seriously risk affecting the sound financial management of the European Union budget or the protection of the financial interests of the union in a sufficiently direct way," he added.

"The identified issues, together with the long-standing commission recommendations and requests to address them, combined with the lack of measures to address the identified issues...are indicative of a serious risk for the sound financial management of the EU budget and for the protection of the EU's financial interests," he noted.

ADVERTISEMENT

MNB Int'l Reserves Rise EUR 633 mln in November MNB

MNB Int'l Reserves Rise EUR 633 mln in November

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Number of Job Adverts up Minimally HR

Number of Job Adverts up Minimally

Tourism Nights Down 0.2% y.o.y. in October Tourism

Tourism Nights Down 0.2% y.o.y. in October

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.