Varga joined the Eurogroup meeting

Economy Minister Mihaly Varga participated at a Eurogroup meeting of EU finance ministers in Brussels on Monday, the ministry said.

Changes to the fiscal regulatory system of the Economic and Monetary Union (EMU), the establishment of a new fiscal instrument and the completion of the banking union were discussed at the meeting, Varga said.

The minister acknowledged the contribution of the fiscal framework to the improvement of member state’s budget positions, but said its implementation is not helped by overly complicated rules.

Varga said details on the use and financing of a new fiscal instrument for eurozone countries need to be clarified before it can be established. Such an instrument should not mean an extra burden for countries outside of the eurozone, he added.

Source and photo: MTI

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