Orbán cabinet: Improving competitiveness cornerstone of Hungary’s EU presidency

The Hungarian presidency of the Council of the European Union will continue to make every effort to improve competitiveness, in addition to the results achieved so far with regard to that priority, Finance Minister Mihály Varga said at a meeting of the Committee on Economic and Monetary Affairs of the European Parliament in Brussels on Monday.

Varga’s thoughts on Hungary’s EU presidency

Varga highlighted the Budapest Declaration on the New European Competitiveness Deal adopted at an EU summit in Budapest earlier in November. He also pointed to the need for lower energy prices and a reduction in the VAT burdens of businesses.

Varga said it was an “illusion” to believe that achieving green targets would resolve energy dependency. The EU needs to function and to compete in the process of making the green transition, too, he added.

He said the adoption of the VAT in the digital age package of regulations was another important achievement of Hungary’s EU presidency. The compromise reached on the matter requires businesses to complete their VAT registration in just one member state to do business across the EU, he added.

Varga also underscored the agreement between the Council and the EP reached on the 2025 EU budget.

Varga noted that in addition to improving the EU’s competitiveness, Hungary’s EU presidency made priorities of addressing demographic challenges, cohesion policy, advancing the enlargement process, strengthening security and defence, cracking down on illegal migration and adopting a farmer-friendly agriculture policy.

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