Hungarian economic whitening gains international recognition

Several European countries are looking at how Hungary has managed to significantly whiten its economy, Finance Minister Mihály Varga said after an extended meeting of the Eurozone finance ministers.

In the two years since Hungary introduced the electronic management of the road transport of goods and the online teller system, these two measures have brought HUF 420 billion (US$1.5 billion) in additional revenues to the national budget, Varga said.

Varga met - among others - Romanian Finance Minister Eugen Teodorovici, who was very interested in details about Hungary's above-mentioned measures and the topic was also in the focus of his meeting with Czech Finance Minister Aneta Schillerová. He also discussed with his Czech counterpart the relocation of the International Investment Bank (IIB) to Budapest.

Varga also said in his statement that last year the Polish SENT road freight monitoring system was also introduced based on the Hungarian model and that Slovakia also plans to introduce a similar system next year.

Concerning one of the main topics of the Eurogroup meeting, Varga said that while there was committed to establishing the long-planned European Banking Union, it does not wish to enter the debate regarding its timing.

The banking union - whose details are yet to be worked out - has three main pillars: centralized supervision, a mechanism to deal with failing banks and a still-unestablished deposit insurance system.

 

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