EU finance ministers seek more flexible conditions for BoP assistance

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European Union finance ministers urged the European Commission to make conditions for accessing balance of payments assistance (BoP), available to member states that have not yet adopted the euro, more flexible at a video conference on Thursday, Hungarian Minister of Finance Mihály Varga said in a statement issued after the meeting, state news wire MTI reports.

Photo by parlanteste/Shutterstock.com

Varga said the BoP assistance matches neither the flexibility nor the scale of the financial assistance available to eurozone members in the framework of the European Stability Mechanism. Using BoP assistance can require strict economic adjustment programs, he added.

“It is in the interest of the entire European Union that adequate attention be paid to countries outside of the eurozone beyond the credit available to eurozone countries,” he said.

“The European Union must look for such solutions that ensure equal treatment of member states,” he added.

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