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FINMIN CALLS FOR 'FAIR, FLEXIBLE' ALLOCATION OF EU RESOURCES

 

Hungary demands a “fair and flexible” EU recovery package “free of politics”, Mihály Varga said at a videoconference of EU finance ministers. Hungary welcomes Germany, the current holder of the EU presidency, putting the plan to relaunch the bloc’s economy at the centre of its programme, Varga said. Its success hangs on preserving jobs and stimulating investments, he said, adding that central European member states that had performed well before the crisis should receive their fair share of funds for maintaining investment capacity.
He noted that the EU’s summer economic forecast confirmed earlier estimates that the bloc would experience its worst economic downturn since the second world war. By the end of July, EU loans for job preservation are expected to be available. But this depends on the contribution of all member states, Varga said, adding that Hungary has already undertaken the requisite guarantee for the credit line.
Varga said countries outside of the euro zone should get their fair share of the billing when it comes to crisis management funding. The crisis, he said, was symmetrical, so a uniform system similar to the European Stability Mechanism should be made available to member states that do not operate the single currency. European finance ministers stated this standpoint unanimously in early April, but the European Commission has not yet advanced it, Varga added.