Hungarian finance minister: EU supports G20 financial targets

The European Union supports the G20’s roadmap for enhancing cross-border payments, Mihály Varga, the finance minister, told public broadcaster Kossuth Radio on Friday.

Meeting of G20 finance ministers

Varga addressed a two-day meeting of G20 finance ministers and central bank governors in Rio de Janeiro on behalf of the EU.

The G20 countries must remain committed to international financial reforms, in which the EU is also a partner, Kossuth Radio quoted Varga as saying in his address.

The minister said the EU needed to do more in the interest of reducing vulnerabilities in the financial sector, which was why it supported the G20’s targets in making cross-border payments faster, more affordable, more accessible, more transparent and convenient.

He said it was important that the European financial system remain in the global competition deciding incomes and job opportunities.

Varga noted that one of the priorities of Hungary’s presidency of the Council of the EU was to improve the bloc’s competitiveness.

He said that despite efforts to maintain confidence, there remained vulnerabilities in the European financial systems.

The minister said high interest rates, uncertainties caused by the war, and concerns over budgetary sustainability meant it was important to continue to monitor the risks facing the financial sector, adding that this was also a priority during the Hungarian EU presidency.

Participants at the G20 meeting also discussed a new way to manage global debt.

Varga said Hungary, on behalf of the EU, had joined the G20 position that the international debt management framework should be implemented in a better and more predictable way.

On the sidelines of the meeting, Varga met the governor of Brazil’s central bank with whom he reviewed the status of bilateral economic and trade relations.

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1 Comment

Mihaly Varga / Victor Mihaly - Stuff Up : says:

28/07/2024 at 17:01

The “created” MESS, the Finance Minister of Hungary – Mihaly Varga, his ownership , his doing(s) – his REASPONSIBLE, that SHOULD have seen him, in prior earlier TIME, like 3 years ago, through his Financial & Economic FAILED policies – should have been Sacked – REPLACED.
Varga, is incapable to REPAIR the damage he has inflicted upon the Hungarian Economy – Incapable.
It’s beyond his intellectual capabilities in Finance & Economic – the management and understanding then in the introduction or change of course, and in the application what the requirements are – that best suite and needed in Hungary for :
(1) – firstly – what’s BEST for ALL individually all Hungarians.
and secondly;
(2) – what’s BEST for Hungary.
Mihaly Varga and Victor Orban – prior to February 2020 – they were “Put on Notice” – by far outreaching RESPECTED “learned” brains, people of eminence, that the Financial & Economic path, they Varga & Orban – had SENT – prior 2020 Hungary on, was one that could end, as it has, in a cataclysmic DISASTER.
Varga and Orban – IGNORED this advise.
Varga and Orban – in the warnings issued to them, not just in Hungary nor Europe but Globally, they were WARNED, it needed only to be of minor consequence disruption outside or in-side Hungary, Europe or Globally, to Financial & Economic markets – that the Varga / Orban policies would IMPACT result in disruptive devastational consequences – inside of the Hungarian – Economic & Financial operation/functionality.
Varga & Orban – the Russian War on the Ukraine, the European Union “stance” bought on created by the Orban – Fidesz Government, just (2) examples, that the WARNINGS handed out to Mihaly Varga and Victor Mihaly Orban – we know the IMPACT they have effectively had on the destruction of just (2) factors, that have had major ramifications on the Economic & Financial performance of Hungary.
The forint is SOFT.
It’s trend clearly indicated in it’s GROWING de-valuation.
Mihaly Varga – Victor Mihaly Orban – the Fidesz Government – the BORROWING of Foreign Funds in an effort to “keep at Bay” this country Hungary from becoming In-solvent, these DECISIONS principally by Varga & Orban – DISGRACEFUL.
Varga-Orban, the Fidesz Government, we KNOW they DID not at the time DISCLOSE to the citizens of Hungary firstly then to the European Union – the gargantuan borrowings from China they HAD made.
Mihaly Varga and victor Mihaly Orban – Did Not Listen.
Hungary – 3 million living in POVERTY, a currency under “duress” – an Economy under intense pressurization, debts of borrowings of the Fidesz Government, there need of servicing, European Union & NATO “crumbling” falling collapsing relationships, relationships GLOBALLY with country’s that are DEMOCRATIC – obliviated by Victor Orban – the Fidesz Government, ageing population, deaths per year births “ratio” still remains as has been the case of the 15 years under the Orban – Fidesz Government – deaths out number births – this is NOT all the reason(s) – of why we are FIGHTING for our SURVIVAL
Mihaly Varga & Victor Mihaly. Orban – the Fidesz Government have NO money – no GOVERNMENT money to INVEST in the GROWING needs of Hungarians – of Hungary.
Education, Public Transport, Public Services, Public Health – Hospital all areas of Medicine that the CITIZENS need SERVICES – Dental, Optical exampled and “others” = what the CITIZENS we pay taxes to they are TAKEN from us by the Orban – Fidesz Government – that the NEEDS of us, daily and “other” – the Fidesz Government should be PROVIDING us.
Hungarians – we have been BLEED, abused, painted pictures of our performance as a country – of our FUTURE as a country that are just LIES.
Victor Mihaly. Orban – continues his DISTILLATION eradication removal of DOMOCRACY in Hungary, building on relationships / partnerships with Russia and China.
Hungarians – brace ourselves as we are certainly in for WORSENING times ahead.