Standoff over the EU budget can have large implications

From economics.rabobank.com

The EU is in limbo over its next multi-annual budget and, by implication, the Recovery Fund. In the week of 16 November, Hungary and Poland voted down the most recent proposals for the EU’s next multiannual budget, running from 2021 until 2027. Not because they oppose these proposals–in fact they would be among the main beneficiaries of the budget and recover fund-, but out of anger over the new rule-of-law mechanism that was adopted in early November and which is set to come into force next year. The new mechanism is supposed to block transfers of EU funds to countries infringing on EU standards in certain areas ... (full story)