The stability of the eurozone and banking operations in the European Union are important to Hungary’s economy and financial system, Finance Minister Mihály Varga said at an extended meeting of euro-zone finance ministers in Brussels on Thursday evening.

Varga said the interests of EU member states not in the eurozone should be taken into consideration at talks on the completion of the banking union, according to a statement by the finance ministry. Hungary has participated constructively in banking union talks from the outset and has achieved much in the area of risk mitigation, it added.

“Our basic standpoint is that banking should remain open and efficient and member states within and outside the banking union should get equal treatment,”

Varga said.

In the case of financial businesses operating in several member states, Hungary regards the balanced division of financial oversight tasks between parent and host countries as important.

Also, it is crucial for Hungary that the regulation of sovereign country risk should not change and that Hungarian government securities remain in the risk-free category, the minister said.

On Friday, EU finance ministers will also discuss administrative cooperation in the area of VAT, in addition to measures aimed at reducing risk in the banking industry.

Source: MTI

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