New ‘tool’ to protect EU budget and uphold EU values
Member states jeopardizing the rule of law or failing to tackle fraud and corruption will risk losing EU funds, according to a draft law endorsed by MEPs of the European Parliament, according to the European Parliamentʼs official website.
Assisted by a panel of independent experts, the EU Commission would be tasked with establishing “generalized deficiencies as regards the rule of law” and decide on measures that could include suspending EU budget payments or reducing pre-financing.
The decision would only be implemented once approved by parliament and council. Once the member state remedies the deficits identified by the EU Commission, parliament and EU ministers could unlock the funds.
The plenary session endorsed the rules by 397 votes to 158, with 69 abstentions. MEPs are now ready to enter negotiations on the final wording of the regulation with EU ministers, who have not adopted their position yet, europarl.europa.eu says.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.