White smoke has risen in Brussels

HUNGARY - In Brief 10 Dec 2020 by Istvan Racz

The ongoing EU Council meeting has completed the discussion of the conditionality mechanism today. The agreement between the German Presidency and Hungary / Poland has been approved, and so Hungary and Poland have given up their veto on the EU fiscal package. In addition to what we have said on the agreement already, it is very important that the conditionality mechanism will not affect the funds allocated under the outgoing 2014-2020 budget, so that its applicability will start with the new seven-year budget and the accompanying recovery package.As a last condition for the Council's decision to go through, the European Parliament will also have to agree. However, after the toughest donor country governments have accepted the deal, we expect no further objection from the Parliament.Really good news for investors.

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