ContextPress remarks by the Eurogroup President after meeting Hungary's Prime Minister and Finance Minister.
Why it mattersMarks the Eurogroup's first contact with Hungary's new government, linking EU recovery funds to anti-corruption reforms.
- Investors need confidence in the economy.
- Corruption and weak transparency deter investment.
- Recovery funds depend on reforms.
- Implement reforms required by the RRF.
- Strengthen the anti-corruption framework.
- Improve transparency in public procurement.
Read the speech summary
1. A new Hungarian direction
After meeting Hungary's new Prime Minister Magyar and Finance Minister Kármán in Budapest, Eurogroup President Kyriakos Pierrakakis welcomed a government only weeks old for words and actions committing Hungary to Europe, recalling that Hungary's accession treaty was signed in Athens in 2003. He said Hungary, he said, is shifting from the sidelines to the centre of European decisions, and talks covered competitiveness, energy security, deeper integration of financial markets and investment.
2. The road to the euro
He welcomed Hungary's ambition to join the euro area eventually and its commitment to meeting the conditions: a demanding but transformative journey that needs economic criteria met and institutional credibility, and offers stability and strategic security, as the recent entries of Bulgaria and Croatia show. In answer to a question, he listed the convergence criteria (interest rates, exchange rate, inflation and public finances, plus two years in the exchange-rate mechanism), said the Eurogroup's help is know-how and a symbolic signal of support, declined to comment on timing, and stressed that the decision is sovereign.
3. Recovery funds and reform
Unfreezing Recovery and Resilience Facility money is a political priority for Hungary: the national plan went in a week ago and is due for Council approval on 10 July. He praised steps to strengthen anti-corruption rules, public procurement transparency and the role of social partners, said reforms make a country attractive to investors, and supported delivery of the agreed milestones so that full disbursement can follow once all conditions are met.