Ministry acknowledges Cohesion Fund commitments, but not payments, may be suspended
Only commitments, but not payments, of the European Union’s Cohesion Fund may be suspended in part or whole on the basis of a decree, Hungary’s Foreign Ministry told MTI on Thursday.
Suspension of commitments is not an "automatic" process and the measure has never been taken against any member state, the ministry said.
European Commission Vice President Olli Rehn said on Wednesday that Hungary could face a suspension of commitments from the Cohesion Fund from next year because of a failure to deal adequately with its fiscal deficits.
The Commission may only recommend such a suspension; the Council takes the decision with a qualified majority, the ministry said. If commitments from the fund are suspended, they are not lost, but transferred later, after the suspension is lifted, it added.
ADVERTISEMENT
KSH Dismisses Reports of Eurostat 'Investigation'
Hungarian-American Business Chamber Established in Chicago
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.
