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EU Panel Will Recommend Commission Keeps Option of Blocking Funds on the Table

HUNGARY
Press conference with EU lawmakers going over Hungary's efforts to adhere to EU Rule of Law directives begins.
  • Only two days left until Commission deadline, so little more can be done (unless postponement is made)
  • Assessment is that Hungary is making headway, but if we look into the 17 remedial measures, it is impossible to come to conclusion that this would erase completely the risk emanating from Hungary toward the EU budget
  • Expects Commission to come to judgement that risks remain around Hungary
  • View of panel is that only 2 of the 17 remedial measures put forward by Hungary are adequate, and only 3 of those 17 measures have been implemented.
  • Commission assessment can differ from the panel's findings, but cannot say that Rule of Law has been solved, cannot say that budget has been protected and as such, will be asking commission to keep option of blocking EU funds and payments on the table.
  • HUF weakening slightly alongside the opening remarks of the presser, with EUR/HUF off lows. Lawmakers going into more detail on the findings now, but doesn't look overwhelmingly positive at this stage.
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