Uncertainties in the energy supply, increased energy prices and inflation threaten the normal functioning of European economies, so filling up energy reservoirs will be a key issue in the coming months, the Hungarian finance minister said in Brussels on Tuesday.
Mihály Varga spoke to Hungarian journalists after the meeting of the Council of Finance Ministers of the EU Member States (Ecofin); he emphasized, as autumn and then winter approaches, the state of Europe's energy security becomes an increasingly important question.
The capacity of Hungarian energy reservoirs is 36 percent, he said, and confirmed that
the Hungarian government initiated the necessary orders for further energy purchases.
He said: the ministers are working on the one hand to ensure that there are no financial obstacles to the member countries' access to energy, and on the other hand, how Europe can become independent from Russian energy sources.
It doesn't happen overnight. Time must be provided for this. However, the farms must still function until then. The energy storages must be charged and prepared for the winter weather, he said.
Regarding the six-month work program of the Czech Republic, which holds the consecutive presidency of the Council of the European Union, Mihály Varga said,
Hungary fully supports the Czech objective of guaranteeing energy security for Europe.
He also supports the work aimed at strengthening the European defense capability and the protection of cyberspace, he said.
The Minister of Finance called the discussion on the size of the post-war amount to help restore Ukraine premature, but at the same time said: Hungary is ready to provide support if the war-torn country needs additional financial assistance.
In response to a question about the introduction of the global minimum tax, he said,
Hungary wants to convince its partners that it is not a good idea to introduce a tax increase that seriously affects competitiveness and the labor market in the middle of a war crisis.
Finally, he announced that the European Commission will continue its discussions with Hungary on the Hungarian plan enabling the disbursement of EU funds to aid recovery after the coronavirus epidemic.
Mihály Varga expressed his hope that the parties have reached the final phase of negotiations and that the negotiations will be concluded during the autumn, which, as he said, is important for both Hungary and the European Union.
Source: Hungarian Nation
Featured image: MTI/Tamás Kovács
