Boosting Competitiveness: Our EU Presidency’s Priority
Hungary’s Minister of Finance, Mihály Varga, has highlighted the country’s priorities during its six-month presidency of the Council of the European Union. The main focus of Hungary’s presidency is to enhance the EU’s competitiveness in the face of increasing global competition in capital markets and efficiency.
Speaking at the Economic and Financial Affairs Council (Ecofin) meeting, Minister Varga emphasized the importance of boosting competitiveness as the key economic issue. He also addressed significant geopolitical uncertainties affecting the EU’s economic outlook and the need to tackle supply chain fragmentation, fluctuating raw material prices, and other international economic challenges.
Hungary’s presidency aims to improve European competitiveness through development, research, infrastructure investment, green transformation, and digital switchover. Minister Varga highlighted that increasing competitiveness not only benefits the well-being of citizens but also strengthens the resilience of the European economy.
Regarding Hungary’s substantial expenditure on southern border protection, Minister Varga mentioned that he had requested financial support from the European Commission but had not seen any concrete steps taken. The Ministry of Finance’s statement emphasized Hungary’s focus on implementing new economic governance rules and the upcoming adoption of the autumn package to further enhance European competitiveness.
Minister Varga outlined priorities within the Capital Markets Union and Banking Union, focusing on promoting the retail investment strategy and revising the crisis management and deposit insurance framework. He also stressed the importance of the EU Customs Reform Package to effectively address future challenges.
The next Ecofin meeting will be hosted in Budapest in September, where further discussions on enhancing the EU’s competitiveness are expected to take place. Stay tuned for more updates on this important economic issue.
