11/30/2022, 12:40 PM (Source: TeleTrader)
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EC finds Hungary's reforms insufficient

The European Commission published on Wednesday its findings on Hungary's structural reforms, stating that the country "failed to adequately implement central aspects of the necessary 17 remedial measures" by the November 19 deadline. The Commission has decided to suspend 65% of its financial commitments, amounting to €7.5 billion.

In addition, the Commission warned Budapest will not receive any funds from its Recovery and Resilience Facility until it has fully and correctly implemented these 27 "super milestones," which include the 17 measures plus other rule of law reforms related to judicial independence. The European Council will vote on the matter before December 19.

Baha Breaking News (BBN) / DJ