we would be punishing

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Otherwise, we would be guilty of extraordinary hypocrisy: we would be punishing employers with one hand yet still giving them generous subsidies with the other.
De otro modo, seríamos culpables de una extraordinaria hipocresía: castigaríamos a los empresarios con una mano, mientras que con la otra les entregaríamos generosos subsidios.
However, attaching cohesion support to a system of macro-economical conditions is unacceptable, because we would be punishing the regions for a governmental policy on which they have no influence.
No obstante, vincular la ayuda de cohesión a un sistema de condiciones macroeconómicas es inaceptable, porque estaríamos castigando a las regiones por una política gubernamental en la que no tienen ninguna influencia.
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