Kyriakos Pierrakakis, Minister of National Economy and Finance and President of the Eurogroup, met in Budapest with Hungarian Prime Minister Péter Magyar and Finance Minister András Kárman.
During the meetings, they discussed current economic developments in Europe, the challenges facing the competitiveness of the European economy, and the prospects for further economic convergence within the European Union.
The visit is taking place at a time when the new Hungarian government is seeking to re-engage with the European core and has made the country’s gradual preparation for Eurozone accession a strategic priority.
In his capacity as President of the Eurogroup, Mr. Pierrakakis expressed political support for Hungary’s European path, while also noting the Eurogroup’s readiness to support the Hungarian government by providing expertise and guidance on the next steps toward convergence. A press conference followed at the end of the meeting.
Statement by Kyriakos Pierrakakis
In this context, Kyriakos Pierrakakis made the following statement:
“Prime Minister Magyar, Minister Karman, I would like to thank you warmly for your warm welcome and hospitality. It is a great pleasure for me to be here today, as you mentioned, Mr. Prime Minister, in this truly impressive and beautiful building. Your government took office just a few weeks ago. Since then, we have seen clear signals and concrete initiatives that confirm Hungary’s commitment to Europe. My visit today is dedicated precisely to this cooperation, for the benefit of the Hungarian people and of Europe as a whole. As a Greek, I am particularly pleased to recall that in 2003, in Athens, at the foot of the Acropolis, Hungary’s Treaty of Accession to the European Union was signed.
That moment symbolized the unwavering conviction that Europe’s strength stems from its unity, its diversity, and its shared future. Later today, I will have the opportunity to visit the Hungarian Parliament, one of the most impressive parliamentary buildings in Europe. It is not only an architectural masterpiece but also a powerful symbol of Hungary’s national identity and its place in European history.
Today we had a substantive and particularly productive discussion on the European and global economy, as well as on the challenges and opportunities that lie ahead. We discussed the need to strengthen Europe’s competitiveness, its energy security, the deeper integration of financial markets, and the mobilization of investments required for Europe’s long-term prosperity.
Under your leadership, Hungary is changing its historical course. Hungary is moving from the periphery of European development toward the heart of European decision-making. And this shift concerns not only Hungary, but also a new era for Europe itself. Major historical decisions take on their true meaning when they translate into greater security, more opportunities, and stronger trust for citizens. This, I would say, is the true added value of Europe.
I also welcome Hungary’s ambition to deepen its economic and monetary integration into Europe, as well as its commitment to fulfilling the conditions for its future accession to the eurozone, as the Prime Minister has just described. The path toward adopting the euro is demanding, but at the same time deeply transformative. And it is, as you quite rightly pointed out, a journey. A journey that requires meeting specific economic criteria, but also entails building institutional credibility and trust. Membership in the Eurozone integrates a country into an area of greater stability, strength, and strategic security.
Bulgaria’s recent accession, like that of Croatia earlier, demonstrates the enduring appeal of the single currency. As the second most important currency in the world after the dollar, the euro maintains a strong international presence. I would add, however, that the euro is much more than just a currency. It represents a community of stability, trust, responsibility, and shared prosperity. It reflects a shared commitment to economic resilience and the belief that European nations are stronger when they act together. When a country seeks to join the euro area, a fundamental truth becomes clear: in an unstable world, stability becomes a strategic advantage and credibility a source of strength. Joining the euro involves a process based on clear rules and is directly linked to meeting the convergence criteria. I encourage the Hungarian authorities to continue implementing sound economic policies and to advance the necessary institutional reforms so that they can meet the relevant criteria and ensure their country’s prosperity as a member of the Eurozone.
The Eurogroup stands ready to support Hungary, as well as any candidate country, on its path toward adopting the euro. As highlighted in our discussion today, the release of funds from the Recovery and Resilience Facility is a top political priority for the Hungarian government. Thanks to the government’s intensive efforts, the national recovery and resilience plan was submitted last week and has already been placed on the Council’s agenda for July 10 for approval. This development is tangible proof of the new Hungarian government’s commitment to advancing the reforms identified as key milestones, particularly those aimed at strengthening the rule of law. Our economies thrive when they are underpinned by a stable political and institutional environment.
The reforms required under the Recovery and Resilience Facility are a necessary prerequisite for a country to become an attractive investment destination and for citizens to have confidence in the economy. The European Union recognizes and encourages every credible reform effort, wherever it takes place. We particularly welcome the measures being promoted by the Hungarian government to strengthen the anti-corruption framework, improving transparency in the management of public resources and public procurement, and strengthening the involvement of social partners and stakeholders in the legislative process. In this context, I would like to add that I fully support Hungary’s efforts to meet the agreed milestones so that the funds from the Recovery and Resilience Facility can be fully disbursed, once all agreed conditions have been met.
At a time of significant geopolitical and economic transformations, Europe must remain ambitious about its future. In the Eurogroup, economic policy is a tool of collective strength. It is the means by which the euro area transforms cooperation into stability, trust into growth, and shared determination into shared prosperity. Europe must shape this new era by safeguarding its sovereignty, defending its interests, protecting its citizens, and charting its own future. To achieve this, greater strategic coherence, deeper integration, and stronger collective action are required. This is the spirit I hope to strengthen through my future cooperation with my Hungarian counterparts. Prime Minister, Minister, I would like to thank you once again warmly for your warm hospitality.”
In response to a question from ERT: “What support can the Eurogroup provide to accelerate a country’s accession to the eurozone, with the aim of strengthening the European Union’s cohesion and strategic autonomy?”, Kyriakos Pierrakakis replied:
“As you are well aware, for a country to join the eurozone, it must meet the so-called Maastricht criteria, that is, the convergence criteria. These relate to long-term interest rates, exchange rate stability, inflation, and the country’s fiscal situation. At the same time, a country must have participated in the Exchange Rate Mechanism (ERM II) for two years to demonstrate that it can operate smoothly without excessive fluctuations in its exchange rate.
How can the Eurogroup support this effort? First and foremost, through the expertise it can offer. But, to be honest, I always remember the words of a great French politician: politics is the management of symbols. In this sense, in my capacity as President of the Eurogroup, my presence here today in Budapest and in Hungary also has a symbolic character. It sends a clear message of support for this ambitious course that the Prime Minister and his government have charted. I believe I speak for many people across Europe—not just in Brussels or Athens—when I say that we feel a wind of change blowing from Hungary.
We are here to support this ambitious effort. One could focus on the timeline. I will not comment on the timeline. What I will comment on is the ambition. And we want to support that ambition. How? With know-how and expertise. As you are well aware, the Eurogroup includes the European Central Bank and the European Commission. At the same time, the inclusive Eurogroup brings together not only the eurozone countries but also Member States that have not yet adopted the euro. My esteemed colleague, Mr. András Kárman, is already participating in the work of the inclusive Eurogroup, a fact that further facilitates this cooperation.
We all have the opportunity to learn from one another, exchange views, and, above all, draw on the expertise and experience gained along this shared journey. The message I conveyed both privately to the Prime Minister and the Minister and publicly is simple: we are here to support you. We know that, at the end of the day, this is a sovereign decision that belongs to a sovereign government and the sovereign people of Hungary. However, in the context of this decision, we are all members of the broader European family. And as members of this family, we want to assure you that we will be there, offering every possible support you may need to achieve the challenging milestones that have been set.”