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FINMIN: HUNGARY TO PREPARE FOR NO-DEAL BREXIT

 

The United Kingdom leaving the European Union “in a regulated manner” is in Hungary’s interest, but Hungary needs to be prepared if Brexit happens without prior agreement between the UK and the community, the finance minister said.

Addressing a meeting of his European counterparts in Helsinki, Mihály Varga said that the Hungarian government has made preparations for legislative changes necessitated by Brexit. In a statement, the finance ministry quoted him as saying that in light of the Hungarian economy’s achievements in recent years “a no-deal Brexit would not cause significant recession”.
On the second day of the informal Ecofin meeting, Varga said central and eastern Europe’s economic growth continues to be far above EU average, making the region an important factor in strengthening Europe’s economy. One of the meeting’s focal points was the role finance ministers can play in fighting climate change. The Hungarian minister said that tax and fiscal policies and budgetary planning can all support climate-friendly measures. These efforts, however, should not impose “unduly burden” on particular sectors, regions or citizens of the bloc or certain nations, nor should they cause a competitive disadvantage, the minister said.