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EU summit postponed budget dispute

by Financial Economy

EU summit postponed budget dispute. Hungary and Poland stick to their veto on the EU budget. Council chief Charles Michel now wants to look for a solution away from the big rounds.

EU summit postponed budget dispute

A video summit on Thursday evening did not bring a solution to the EU budget dispute with Hungary and Poland. Chancellor Angela Merkel (CDU) reported to the other heads of state and government because Germany currently chairs the 27 countries. Hungary and Poland reaffirmed their blockade, as it was said from EU circles. Shortly afterwards, the actual agenda was dealt with: coordination in the corona crisis. You can browse here for financial news.

Hungary and Poland vetoed the central budget decision on Monday. On Wednesday, the government of Slovenia joined the criticism of the rule of law mechanism, although it had voted in favor of the financial package on Monday. They come up against a new clause to reduce funds in the event of certain violations of the rule of law in the recipient countries. With her No, the entire 1.8 trillion euro budget package is blocked for the next seven years for the time being. That includes 750 billion euros in corona aid, which many EU countries urgently need.

A video conference is just not the right format to resolve the complicated dispute, an EU official said. Council leader Charles Michel had contacted all countries in advance to keep the discussion “under control”. But do not underestimate the urgency of the situation. The budget package that was basically agreed in July must be implemented as quickly as possible. To do this, however, you need an agreement.

Source: https://www.spiegel.de/

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