Every EU finance minister had been invited to attend the Monday session of the Eurogroup, where participants discussed proposed changes to the fiscal regulatory system of the Economic and Monetary Union (EMU), the creation of a new financial instrument and the extension of the banking union, Minister for National Economy Mihály Varga said.

The Minister stressed that during the extension of the EMU equal treatment and a level playing field for competition must be made priorities, whereas in the planning of future the development of the entire EU had to be in focus.

Speaking of the EU’s budgetary framework, Mihály Varga noted that the scheme had significantly contributed to the improvement of the fiscal position of member states but regulations which had turned overcomplicated were hampering budget implementation, therefore some simplification was reasonable.

In the formulation of the economic policy of the eurozone, the interest of member states which have not yet adopted the common currency but already come to meet criteria to adopt the euro, such as Hungary, must also be taken into account, the Minister emphasised. The new financial instrument, designed to assist aspiring eurozone members, must not place extra burdens on member states which are still outside of the eurozone, therefore the details of utilization and financing must be clarified before the instrument is put in place, Mihály Varga said.

(Ministry for National Economy)