Euro-zone stability is important for Hungary, Minister of Finance Mihály Varga said. At the extended meeting of the Eurogroup, the Minister said that Hungary had supported the full transformation of the banking union from the very beginning, including the third pillar of banking union: the currently discussed deposit insurance scheme and related safety-nets.

Hungary’s priority is to maintain the openness and efficiency of the banking union and equal treatment of member states from both inside and outside of the euro-zone. The euro-zone’s stability and the smooth operation of the banking union are crucial for Hungary’s economy and financial system, too, he added.

At meetings aiming to finalize the banking union the interests of non-euro-zone members must also be taken into consideration, he noted. Hungary has always acted in a constructive manner at negotiations and we have done our share with regard to risk reduction as well. Hungary has also supported the implementation of tasks laid down in the Council roadmap of 2016, Mihály Varga pointed out. For Hungary and financial enterprises which operate in more than one member state, it is also important not to disrupt the existing balance in the sharing of tasks among financial supervisory bodies between sender and receiver countries. Hungary also wants to see sovereign debt risk assessment criteria unchanged and Hungarian government securities keep the current rating, the Minister stressed.

On Friday, EU finance ministers are scheduled to discuss value-added taxation besides the EU package on reducing banking risks.

((Ministry of Finance))