Kyriakos Pierrakakis from Budapest expressed his support for Eurogroup for Hungary’s European path and its accession to the eurozone
The Minister of National Economy and Finance and President of the Eurogroup, Kyriakos Pierrakakis, met in Budapest with the Prime Minister of Hungary, Péter Magyar, and the Minister of Finance, András Kárman, to discuss economic developments in Europe, boosting competitiveness, and the country’s path toward the Eurozone.
Pierrakakis Expresses Support for Hungary’s Path Toward the European Union
During the meetings, Kyriakos Pierrakakis expressed the Eurogroup’s political support for the new Hungarian government, which has set as a strategic goal the country’s preparation for accession to the eurozone. As he noted, the Eurogroup is ready to offer expertise, guidance, and institutional support for the next steps in the convergence process.
In his statement, the minister noted that the new government of Hungary is sending clear signals of a rapprochement with the European core, emphasizing that “a wind of change is blowing from Hungary.” He emphasized that the country is moving toward the core of European decision-making and described the path toward the euro as demanding but deeply transformative.
At the same time, he referred to the need to strengthen competitiveness, energy security, the integration of financial markets, and the attraction of investment, noting that stability and credibility are strategic advantages for every European economy.
The Euro Criteria and Reforms
Kyriakos Pierrakakisrecalled that membership in the eurozone requires full compliance with the Maastricht criteria, such as fiscal stability, inflation, long-term interest rates, exchange rate stability, and two years of participation in the ERM II mechanism.
He also made special mention of the Hungarian government’s efforts to meet the reform milestones linked to the Recovery and Resilience Facility, noting that the submission of the national plan and its forwardation for approval to the Council on July 10 demonstrate the commitment to strengthening the rule of law, transparency and the fight against corruption.
Responding to a question from ERT, the president of the Eurogroup emphasized that his presence in Budapest also had a strong symbolic significance, conveying a message of support to the new government. As he stated, the Eurogroup, with the participation of the European Central Bank and the European Commission, can assist primarily through the exchange of experience and expertise, assuring that the European family will stand by Hungary as it works toward achieving the required milestones.
