The Hungarian presidency of the Council of the European Union aims to boost the community’s competitiveness, the finance minister said ahead of a meeting of his EU counterparts in Brussels.
Mihály Varga said the EU was increasingly lagging behind in global competition “both in terms of the capital markets and its efficiency”.
Varga noted “geopolitical uncertainties” around the European economy aggravated by fragmented supply chains, high raw material prices and an unfavourable international environment. He called for research and infrastructure developments and support for the green and digital transitions. Higher competitiveness would also contribute to higher living standards and greater resilience in the European economy, he added.
Meanwhile, Varga said Hungary had spent a total 700 billion forints (EUR 1.8bn) on border protection in recent years, adding that the European Commission had not contributed to those expenses.
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