Poland and Hungary propose two-track process to resolve EU budget impasse

Eren Sengezer FXStreet

Poland and Hungary presented a joint proposal, via a written declaration, to facilitate a speedy adoption of the financial package through a two-track process, per Reuters.

According to the statement, Poland and Hungary want to limit any additional budgetary conditionality to the protection of the financial interests of the Union. Additionally, they want to discuss in the European Council whether the link between the rule of law and financial interests of the Union should be established.

Market reaction

This development was largely ignored by the market participants and the EUR/USD pair was last seen posting small daily losses at 1.1907.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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