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European Commission Stand Fast on Hungary View

HUNGARY
  • Reuters cites the European Commission as stating that there remain serious shortcomings in the system of asset declarations in Hungary, and Hungary does not demonstrate the adoption of legal acts to fulfil such milestones in a way that would fully implement the remedial measures.
  • The statement does not mark the final decision, with the Commission here reiterating their recommendation cohesion funds should remain frozen. This isn't (yet) new information, with the European Council still to make the final decision (i.e. The member states themselves).
  • The deadline here likely remains December 15th - that's the EUCO leaders' summit (although the final final deadline is December 19th), wherein a qualified majority is required to make a decision (55% of member states representing 65% of EU population).
  • Media speculation remains that member states, including France and Germany, are seeking to push back on the idea of EUR7.5bn being withheld from Orban's gov't due to rule of law violations, and instead are advocating for a smaller amount.
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