Finance Minister Mihály Varga said the Hungarian presidency of the Council of the European Union aims to boost the community’s competitiveness.
Speaking ahead of a meeting of his EU counterparts in Brussels, Minister Varga said the EU was increasingly lagging in global competition “both in terms of the capital markets and its efficiency”. Minister Varga noted “geopolitical uncertainties” around the European economy aggravated by fragmented supply chains, high raw material prices and an unfavourable international environment. He called for research and infrastructure developments and support for the green and digital transitions. Higher competitiveness would also contribute to higher living standards and greater resilience in the European economy, he added. Meanwhile, Minister Varga said Hungary had spent a total of 700 billion forints (EUR 1.8bn) on border protection in recent years, adding that the European Commission had not contributed to those expenses. Speaking after the meeting, the minister said the Council would detail the Hungarian presidency’s aim of improving the EU’s competitiveness in a new competitiveness agreement set to be adopted over the presidency’s six months. Varga said the other six priorities of Hungary’s presidency would also boost competitiveness. These, he noted, included reversing demographic trends, the fight against illegal migration, defence and security policy, and agriculture and cohesion policy.