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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, says.