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Hungary’s six-month presidency of the Council of the European Union aims to enhance the EU’s competitiveness, crucial as Europe faces increasing global competition in capital markets and efficiency, according to Minister of Finance Mihály Varga.
Speaking before the Economic and Financial Affairs Council (Ecofin) meeting, Minister Varga emphasized that boosting competitiveness is the key economic issue.
The politician highlighted significant geopolitical uncertainties impacting the EU’s economic outlook, compounded by supply chain fragmentation, fluctuating raw material prices, and broader international economic challenges. Hungary’s presidency aims to improve European competitiveness through development, research, infrastructure investment, green transformation, and digital switchover. The minister stated,
increasing competitiveness also contributes to the well-being of citizens and the resilience of the European economy.”
Addressing a question, Mr. Varga mentioned Hungary’s substantial expenditure on southern border protection, totaling at least HUF 700B (EUR 1.7B) in recent years. He had requested financial support from the European Commission but noted that no concrete steps had been taken.
The Ministry of Finance’s statement underscored Hungary’s focus on implementing new economic governance rules, with the next European Semester cycle beginning under these new guidelines. The upcoming autumn package adoption will further emphasize European competitiveness.
Mihály Varga outlined priorities within the Capital Markets Union and Banking Union, stating: “Regarding financial services, within the Capital Markets Union, the main focus will be on promoting the retail investment strategy, while within the Banking Union, our focus will be on the revision of the crisis management and deposit insurance framework.” The Minister of Finance also highlighted the importance of the EU Customs Reform Package to address future challenges effectively.
The next Ecofin meeting will be hosted in Budapest in September.
Via MTI; Featured Image: X / Hungarian Presidency of the Council of the EU 2024