Behave Badly and Risk Getting Your Funds Frozen: Brussels Edition

0
15

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The European Commission will raise some 80 billion euros in bonds and billions more in bills to finance the EU’s jointly-backed stimulus, but it’s not certain that everyone will get the money they expect. We spoke with Commission Vice President Vera Jourova, who said the plan is to aggressively implement the new rule-of-law conditionality for funding. If corruption, weak courts or poor law enforcement are found to put EU money at risk of embezzlement, then payments may be frozen. Jourova told us the Commission has “no obligation” to wait for an EU court ruling on whether the strings attached to disbursements are legal. And if the ruling comes too late, the Commission will “have to” trigger the process before it lands. 

Read more…