Finance Minister Mihaly Varga – Photo: Facebook

Finance Minister calls for change in Brussels

Finance Minister Mihaly Varga urged change in Brussels after an informal Ecofin meeting in Ghent on Saturday.

In a video message recorded in a soccer stadium, where the Ecofin meeting was held under the EU’s Belgian presidency, Varga said one of the meeting’s main topics was the challenges concerning “a competition for the EU’s competitiveness”.

He said the gap between the competitiveness of the American and Asian economies and that of Europe had been growing increasingly wider over the last 20 years, to Europe’s detriment.

One reason, he said, was overregulation and bureaucracy, which was causing the EU to fall behind in areas such as innovation and capital markets.

Varga said the European Parliament elections in June would provide an opportunity to bring change to Brussels.

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