The European Parliament has approved a new mechanism to protect the EU budget and taxpayers’ money. The Parliament’s Rapporteur, Finnish EPP Group MEP Petri Sarvamaa, endorses the decision that should cut EU funding for those member states who risk principles of sound financial management by violating the rule of law.

"We have to defend our common European values. Respecting the rule of law is a fundamental prerequisite for democracy, stability, prosperity and mutual trust. Without the rule of law, the European Union loses its credibility in the eyes of the citizens and in the eyes of the world”, said Sarvamaa.

He underlined that the legislation gives a completely new set of tools to protect the EU budget. It is not targeted at final beneficiaries of EU funds or at any specific member state.

"Taxpayers’ money has to be respected and spent according to the same rules and principles in all member states. We never know in which member state the rule of law will be questioned next”, Sarvamaa recalled.

With this Regulation, the European Commission and the Council will take appropriate measures where a generalised deficiency as regards the rule of law in a member state affects or risks affecting the principles of sound financial management or the protection of the financial interests of the Union.