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European Parliament Vote May Pose Legal Block to Release of Further Funds

HUNGARY
  • Some market focus on the European Parliamentary vote on Hungarian funding later today. These votes have moved markets to a degree in the past, as lawmakers voice their criticisms and frustrations with Budapest's progress on key milestones for unlocking funding. The vote will take place during the 1100GMT session.
  • While we will likely receive pushback from a large number of parliamentary lawmakers over the release of further funds, their decisions are non-binding. It is the European Commission’s executive body that have the final say on EU fund matters, and they have made their position clear that the remaining EUR 20bln will remain frozen until all necessary conditions are fulfilled. Nevertheless, a potential legal block could certainly pose a challenge to the further disbursement of funds moving forward. Defending the Commission’s decision to release EUR 10bln, President Ursula von der Leyen said yesterday that legislation Hungary had passed in May 2023 had addressed a number of recommendations in the EC's 2022 Rule of Law Report.
  • Ahead of the vote by the EP, Euractiv write that “The Parliament hopes to send a warning to the Commission ahead of an EU summit on 2 February and prevent the executive from unfreezing further funds to Hungary in exchange for Orban’s support to further financial aid for Ukraine’s defence efforts."
  • Euractiv add that “[The Parliament’s] two key items are a call for the Council to start the process of stripping Hungary’s voting rights… and for the launch of a parliamentary inquiry to determine the legality of the Commission’s decision to unfreeze the Hungarian funds, with a view to starting proceedings before the EU Court of Justice”.
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