Hungary vetoes recovery fund and puts EU in crisis

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The Prime Minister of Hungary, the Nationalist Viktor Orbán, has confirmed to the German Chancellor, Angela Merkel, and the President of the European Council, Charles Michel, that his country will veto the multi-year budget of the European Union and the covid-19 recovery fund, according to the MTI agency.

In this way, Budapest fulfills its threat and blocks the community budget for the next seven years and the recovery fund of 750,000 million euros, considering a “political blackmail” the approved mechanism to condition the delivery of financial aid to the respect of the rule of law.

This afternoon the ambassador meeting of governments before the EU, a meeting for community partners to evaluate the recent agreement on the Multiannual Financial Framework (MFF) for the period 2021-2025.

Rejection of Budapest and Warsaw

The aim is for the ambassadors to give their preliminary approval to the three measures, but Hungary and Poland reject out of hand the system by which the EU could suspend payment of European aid to those countries that have violated the principles of the rule of law.

Budapest and Warsaw cannot block this regulation, which has to be approved by qualified majorityBut they can use their vote to veto the other two, since they need a green light from all member states to move forward.

With their veto, these two partners would not only be blocking the community budget but also the recovery fund of 750,000 million. The reason is that the Own Resources Decision would be blocked, a regulation in practice gives permission to the Community Executive to start issuing the debt.

Delay of aid

In this scenario, the arrival of aid would be further delayed, which in the most optimistic scenario is expected for the end of second quarter 2021.

When the no is confirmed, the matter will go to the hands of the President of the European Council, Charles Michel, and the President of the European Commission, Ursula von der Leyen, to study the “next steps”.

The question could even reach the videoconference meeting of the heads of State and Government this Thursday, planned only initially, to address the management of the second wave of the pandemic.

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