Hungary will not get access to EUR billions of EU funds for years

The European Commission said on Friday that according to its latest assessment, Hungary’s changes in legislation adopted to address the EC’s rule of law concerns and the use of European Union funding have not been sufficient to fully unblock the funds.

Despite 17 remedial measures introduced by Hungary to address the concerns, “the overall assessment by the Commission was that, notwithstanding the steps taken by Hungary, the overall risk for the Union’s budget remains unchanged,” the statement released by the EC showed. As a result, the Brussels body maintained its earlier proposal to suspend one-third (7.5 billion euros) of cohesion funding allocated for Hungary in 2021-2027.

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Central bank: US economist Sachs stresses need for cooperation to achieve green transition

International cooperation and dialogue must be given priority in resolving such global issues as sustainable green transition, world-renowned US economist Jeffrey Sachs said in a presentation to staff and invited guests at the National Bank of Hungary on Friday.

Sachs, who is director of the Centre for Sustainable Development at Columbia University, said that it is also the task of central banks to enable a change to sustainability in global economy. Central banks must create the foundations for a transition to sustainable economy and prepare national financial systems to a green transition and the financing of sustainable economy, he said.

NBH deputy governor Mihály Patai said in his laudation that Sachs is a highly influential personality in global matters who helps the work of decision-makers on an international platform.

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Source: MTI