The growth rate of the Central and Eastern European region has been above the EU average, and thus the region may play a key role in boosting economic growth within the European Union.

The InvestEU programme, aimed at mobilizing state- and private-funded projects, was a major topic on the agenda of the latest Ecofin session in Brussels, Minister of State Gábor Gion said after the meeting.

Speaking of a report on the current economic status of the EU, the Minister of State said that the growth potential of the EU27 is expected to weaken compared to that of recent years, and the rate of growth is predicted to be 2 percent in 2019 and 2020 each, while it is forecast to be lower, some 1.7-1.9 percent, in the Eurozone.

Hungary is working to assume an active role in the talks regarding the Eurozone budgetary instrument, Gábor Gion noted in reference to the fact that the Eurogroup is to start working on the draft of the Eurozone budget in accordance with the decision adopted at the Eurozone summit in December. “At the talks we Hungarians are going to insists that the budgetary instrument, which is to be implemented within the EU budget, be approved on the basis of unanimous approval by the EU27 and after the interests of non-Eurozone members have also been taken into consideration. The budget must not curtail traditional EU policies that are crucial for Hungary, and cut back on – for example – the cohesion or agricultural funds”, the Minister of State pointed out.

Commenting on the investment-promoting InvestEU programme, Gábor Gion said Hungary supported initiatives which provide more manoeuvring room for the development banks of member states, and bolster their service provider functions that can enable them to have a meaningful role in project implementation.

(Ministry of Finance)