Hungarian government extends retail credit rate freeze by 6 months

The government will extend a rate freeze on retail credit for another six months, Gergely Gulyás, the head of the Prime Minister’s Office, said at a weekly press briefing on Thursday.

Gulyás said phasing out the measure was not yet justified in the current interest rate environment.

Economy minister: Europe needs competitiveness turnaround

Europe needs a “competitiveness turnaround”, National Economy Minister Márton Nagy said ahead of a meeting of European Union ministers in charge of competitiveness in Brussels on Thursday.

In a statement issued by his ministry, Nagy said the United States and China were ploughing large fiscal resources into the digital and green transitions, and the EU needed to catch up if it didn’t want the competitiveness gap to widen further.

At the Competitiveness Council on Thursday, ministers responsible for the internal market and industry will discuss the future of European competitiveness and better regulation to reduce bureaucracy. The European automotive and battery industries and the biotechnology sector are also topics on the agenda.

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