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Hungary backs unified EU strategy for financial crisis at Ecofin meeting

  Hungary backs a unified strategy by EU member states to deal with the global financial crisis, Finance Minister János Veres said in Luxembourg on Tuesday, following a summit of EU finance ministers.


Veres said there was no mood of panic at the meeting of finance ministers on Tuesday. There was agreement on one thing: there is a need for measures -- coordinated measures as a unified group, he said.

Hungary backs the €50,000 minimum limit (Ft 12.5 million) on insured deposits decided on by the finance ministers, Veres said. The government will submit a proposal to Parliament raising Hungary’s current limit from Ft 6 million. The guarantee will apply only to bank deposits, not other forms of savings, he said when asked by MTI.

Though Hungary has not felt the direct effects of the global financial crisis, the government wants to win the confidence of citizens, banks and investors, and it wants banks’ confidence in each other to be strong in the coming period, as it is in other countries, Veres said.

Hungary strongly backed a proposal to include the question of establishing an EU financial market regulator on the agenda for a meeting of EU heads of state next week, Veres said. Though the topic was not discussed by finance ministers on Tuesday, Hungary will take it to the summit next week. (MTI-Econews)