Varga finds eurozone budget proposal ‘concerning’


Minister of Finance Mihály Varga said Hungary does not support what he described as a "concerning" proposal to establish a separate European Union budget for the eurozone at a meeting of EU finance ministers in Brussels on Monday, state news agency MTI reported.

The proposal, made jointly by France and Germany, goes against Hungaryʼs interests and could present serious risks, Varga told the inclusive format of the Eurogroup meeting of finance ministers, the Hungarian Ministry of Finance said in a statement.

A separate eurozone budget would unnecessarily deepen the already existing rift between member states inside and outside of the eurozone, he added.

Economic development, the development of innovation and research, and support for convergence are the joint goals and shared tasks of all member states, Varga said. The proposal would exclude member states who have not adopted the common currency from making use of surplus funding for common EU goals, he added.

France and Germany unveiled the proposal for the eurozone budget, "to promote competitiveness, convergence and stabilization in the euro area, starting in 2021," in June. The fleshed-out proposal was presented in November.

Varga noted that implementing the proposal would require the approval of the other 17 eurozone members. A number of member states, among them the Netherlands and Finland, are opposed to the proposal, he claimed.


Czech economic confidence improves in May Analysis

Czech economic confidence improves in May

Ministers in new Orbán gov't sworn in Parliament

Ministers in new Orbán gov't sworn in

Spring’s allergy season - the heat is on Interview

Spring’s allergy season - the heat is on

Airport bus fare could rise to HUF 1,500 City

Airport bus fare could rise to HUF 1,500


Producing journalism that is worthy of the name is a costly business. For 27 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.