Hungary believes that the European Union should take into account the rearrangement of unfavorable demographic processes more from the point of view of competitiveness.
Mihály Varga discussed Europe's competitiveness challenges in Brussels, at the meeting of the Macroeconomic Dialogue (MEDPOL) held with the European social partners, the Minister of Finance stated: Europe's role in the world economy has decreased significantly in recent decades, and at the same time it is falling further and further behind its global competitors, announced the Ministry of Finance ( PM) on Monday.
Mihály Varga explained at the meeting chaired by the successive Hungarian Presidency of the Council of the European Union: the long-lasting and increasingly serious challenges across Europe require urgent and effective solutions, with particular regard to the support of families and households raising children.
The head of the ministry said that there is currently a debate on the question of which areas should be focused on in order to increase competitiveness.
In our view, the most crucial areas are ensuring the growth of real income, increasing productivity and the level of investment, as well as making proper use of the opportunities provided by the digital revolution, said Mihály Varga, and then added:
the rapid aging of European societies, the decline in births, the difficulties burdening social welfare systems are all problems to which support for families and households raising children can be the right answer.
The finance minister reminded: Hungary is setting a good example in this field as well, as it has created Europe's most extensive family support system, which it intends to expand even further next year.
He stated that Hungary sees that the European Union should take into account the rearrangement of unfavorable demographic processes more from the point of view of competitiveness.
According to his information, the participants of the macroeconomic dialogue discussed the possible options for action. Christine Lagarde, President of the European Central Bank, and Thomas Westphal, Director General of the Council of Finance Ministers of the EU Member States (Ecofin) also took part in the meeting, the PM's announcement explains.
MTI
Cover image source: MTI/Boglárka Bodnár
