Hungarian EU Presidency Focuses on Economy Priorities
Hungary Prepares for EU Presidency with Focus on Economic Challenges and Industry Policy
As Hungary gears up for its upcoming EU presidency in the second half of the year, National Economy Minister Márton Nagy recently met with EU Commissioner for the Internal Market, Thierry Breton, to discuss a range of pressing economic issues. The ongoing war between Russia and Ukraine, the EU’s competitiveness and industry policy, as well as internal market matters were some of the key topics on the agenda.
During the meeting, Nagy expressed Hungary’s commitment to enhancing the common market and industry, streamlining supply chains, and advancing digitalization and modernization efforts. A particular emphasis was placed on supporting small and medium-sized enterprises (SMEs), fostering a globally competitive financial services sector, and tapping into labor market reserves to drive economic growth.
Nagy also highlighted Hungary’s dedication to promoting the development of the EU’s industrial sector, underscoring the importance of reviving discussions on a comprehensive EU industrial strategy. In addition, he stressed the need to prioritize connectivity and prevent the formation of economic blocks within the EU.
Addressing the EU’s role in emerging tech-driven industries, Nagy advocated for a collaborative approach that involves creating a cohesive framework for industry proposals. Sectors such as e-vehicles and artificial intelligence (AI) were pinpointed as key areas for strategic focus.
Furthermore, Nagy and Breton agreed on the crucial importance of enhancing the EU’s competitiveness through cooperation and shared goals. They discussed the necessity of lowering energy prices, reducing energy dependency, and bolstering the bloc’s green transition through the responsible use and development of nuclear energy.
In light of the US’s Inflation Reduction Act, Nagy called on the EU to develop a coordinated response to address the economic challenges posed by inflation.
Looking ahead, Nagy and Breton pledged to strengthen cooperation in cutting red tape for economic players and member states’ governments, with a commitment to maintaining a free and open internal market. As Hungary prepares to assume the EU presidency, these discussions will undoubtedly set the tone for the economic agenda in the months to come.
