"By holding back that funding, the European Commission hurt Hungary's competitiveness and interfered in competition among member states," Varga said.
He noted that Hungary's GDP growth reached 4.6% last year, above the EU average. Varga said a report published by the EC on the first two years of the RRF's operation was "unjustifiably positive," noting that just one-fifth of the facility's resources have been transferred, while the program term is one-third finished.
Some five member states, including Hungary, have not received any RRF funding, he added. Varga also faulted the RRF's credit element for possibly diverting market funding and making it more difficult for member states to borrow independently.
The Hungarian government views the RRF as a "one-off" instrument and is "strongly opposed" to establishing any additional facilities that involve joint EU borrowing, he added.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
