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VARGA SAYS BIGGER EU BUDGET IS CONDITION FOR SEPARATE EURO-ZONE BUDGET

 

Hungary can only support a separate euro-zone budget if the European Union’s Multiannual Financial Framework — the seven-year framework for its budget — increases, or if euro-zone members’ contributions grow, Finance Minister Mihály Varga said at an extended informal meeting of euro-zone finance ministers in Bucharest on Friday. Establishing a separate euro-zone budget cannot come at the expense of existing European Union policies and frameworks, Varga said in a statement issued by his ministry.
Euro-zone finance ministers hammered out details of the euro-zone budget at the meeting, focusing on executive and decision-making elements ahead of a June deadline for agreeing on the basics of the budget. Varga said there should be no overlap between the goals of the euro-zone budget and the existing policies and goals of the EU-27. Solutions that result in the establishment of parallel goals and frameworks must be excluded in the course of talks, he added. He stressed the importance to Hungary of assuring equal treatment and a level playing field in the course of the deepening of the economic and monetary union in the EU.