The European Union is under pressure to implement an historic €1.8 trillion economic coronavirus relief package, which was derailed by member states Hungary and Poland when they blocked approval with objections to a conditional provision tied to a country’s regard for democratic standards.
The veto is escalating the European crisis and threatens to unravel months-long negotiations to activate a 7-year plan to rebuild Europe’s fractured economy. EU leaders have scheduled a video meeting for Thursday, hoping all 27 member states can agree on terms to finance projects to stimulate economic growth amid the increasing coronavirus plight.
Hungary and Poland announced their objections shortly before Monday’s scheduled vote by EU member state ambassadors. The representatives were set to sign off on the entire financial package, which requires a unanimous agreement on the mechanism to deliver the funding within the EU’s rule of law.
With Hungary and Poland’s allied resistance against the measures, the two member states created a unified block which has caused the entire recovery plan to come to a grinding halt. The EU has not developed a contingency plan and is currently at a standstill to finalize their economic recovery package.
Ann Sullivan is a contributing staff writer covering national and world news topics. She brings dedicated experience having written international and domestic news, blogs, and web content for over 20 years. She’s also a published poet and graphic designer with degrees in Business and Graphic Communications and has been a music distributor, music industry sponsorship sales director and band manager.