Hungarian PM returns from EU summit calm and relieved

„There has hardly been an EU summit recently that the Hungarian prime minister could attend with no pressure on him,” said Viktor Orbán in Brussels, at the press conference summarizing the conclusions of the latest European summit. „By the time ministers started working, experts have done the brunt of the job, so I practically arrived for the harvest.”  

The stakes for Hungary at the latest European Council meeting, held December 13-14, were indeed smaller than at the extraordinary summit on the multiannual budget in mid-November, at which Hungary’s budget prospects deteriorated significantly.

This was not the case this time, the PM noted as, thanks to discussions and preparatory works, the country could achieve what it meant to. Chief among these is the protection of Hungarian enterprises’ competitiveness even if the country does not enter the banking union.

Another key point Orbán highlighted as a positive was that, with the accession remaining optional, non-eurozone countries entering the system will not have fewer rights than those using the euro. Hungary is not in a rush in terms of joining either, it is up to us, the PM noted.

Whether and when Hungary will join depends largely on the details which are yet unknown as well as the opinion of financial decision makers such as the Hungarian Financial Authority, the Hungarian Banking Association or the National Bank of Hungary.