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Table of Contents: I. Introduction – II. The road to rule of law conditionality – III. How the rule of law conditionality regulation became an instrument of budget conditionality – III.1. The conditionality mechanism in Regulation 2020/2092 – III.2. Article 322(1) TFEU as the correct legal basis – III.3. Sufficiently direct link – III.4. Alleged infringement of art. 7...