
Crypto Investment Entry and Exit Strategies of Institutional Investors
Section: Business
As tensions rise regarding Hungary's adherence to EU rule of law standards, EU officials have expressed increasing frustration with Prime Minister Viktor Orbán's government. The EU has been monitoring Hungary since the initiation of the Article 7 procedure aimed at safeguarding fundamental EU values, which can potentially lead to the suspension of Hungary's voting rights within the union.
During a recent meeting in Brussels, German politician Thomas Krichbaum emphasized the urgency of the situation, stating that the EU hopes Hungary will recognize the severity of its actions. If Hungary fails to comply, the EU may consider significant measures, including the withdrawal of crucial funding and even the ultimate sanction of revoking Hungary's voting rights in EU decisions.
The latest controversy stems from Orbán's decision to ban the upcoming Pride Parade in Budapest, a move that has drawn widespread condemnation from other EU member states. In response, the Dutch government drafted a protest letter, which gained support from 16 other nations, including Germany. This letter urges the EU Commission to take immediate action against Hungary to encourage compliance with EU principles of equality and human rights.
Concerns were raised in the letter regarding recent Hungarian legislation that threatens penalties against LGBTQ+ event organizers and participants, citing a supposed need for child protection. Critics argue that these laws contradict the core EU values of dignity, freedom, equality, and respect for human rights as outlined in Article 2 of the EU Treaty.
EU Commissioner for Rule of Law, Michael McGrath, reiterated that claims of protecting children do not justify limiting freedoms of assembly. He also warned Orbán regarding a proposed 'Transparency Law' that could threaten independent media and NGOs in Hungary, suggesting that penalties may follow if it is not retracted.
Despite the gravity of the situation, the latest EU meeting did not yield immediate resolutions. The primary aim seemed to be to apply pressure on Orbán, especially considering the upcoming need for unanimous support on sanctions against Russia, which could complicate matters if Hungary chooses to obstruct progress.
Orbán's government has faced criticism for various actions since 2018, leading to the initiation of the Article 7 procedure, including attacks on judicial independence, restrictions on freedom of expression, and discrimination against minorities. For the EU to determine a 'clear risk of a serious breach' of fundamental rights in Hungary, a qualified majority of member states would need to agree, a feat that may be challenging given differing political stances among EU leaders.
As discussions continue, the EU must navigate the complex political landscape while ensuring that fundamental rights are upheld within its member states. With the clock ticking, the EU is at a crossroads, requiring decisive action regarding Hungary's governance to uphold its foundational values.
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Section: News
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