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The Ministry of Finance sought a shift in key EU topics

Last update: 07.12.2022 17:00

The Ministry of Finance of the Slovak Republic (MF SR) made efforts in Brussels to advance the discussion on the key topics of the European Union aiming to strengthen European unity. On the one hand, the Ministry of Finance of the Slovak Republic supported the initiative of the countries that proposed updating the progress assessment of Hungary’s measures for compliance with the principles of the rule of law so that it takes regard of the latest developments and is proportionate; on the other hand, it appealed to Hungary to support a common European solution for the help to Ukraine. These positions put Slovakia among the core group countries, including Germany and France.

Most of the Member States, including Germany, France and Belgium, called on the European Commission to update its assessment of the corrective measures that Hungary has implemented to date and that have not been covered in its report. As regard the final decision of the Member States, the Ministry of Finance of the Slovak Republic believes that the first case when the procedure under the so-called Rule of Law Conditionality Mechanism is triggered must demonstrate its functionality and trustworthiness. The processes and institutions on which the drawing of the EU funds depends must comply with the rules protecting the financial interests of the Union. At the same time, several Member States appealed to the European Commission to take into account in its assessment of the implementation of measures those that Hungary had already fulfilled by 7 December.

In order to provide room for negotiations and an assessment update, the Ministers of Finance of the EU postponed the vote on the implementing regulation by which the European Commission proposes freezing a part of the EU funds for Hungary. Along with that, the votes on two parts of the legislative package concerning financial aid for Ukraine, a draft implementation regulation for Hungary's Recovery and Resilience Plan and a directive on the minimum tax rate for multinational companies were also postponed. The ambition is to close all these areas in the week following 12 December.

In addition to these topics, the Ministers of Finance discussed the progress achieved in the area of new own resources of the EU budget, the upcoming legislation concerning financial services, European green bonds and the strengthening of anti-money laundering efforts. The Ministers also sought a common direction in the initial discussion on the reform of the EU's economic governance framework. The European Commission proposes transferring a part of the responsibility for compliance with the common objectives of the Stability and Growth Pact to the Member States and improving their intelligibility and enforceability. The MF SR welcomes the Commission's proposals and sees their early implementation as important.

Press Department
Ministry of Finance of the Slovak Republic