Greece's Ministry of National Economy and Finance published remarks from Minister Kyriakos Pierrakakis, speaking during a visit to Budapest in his capacity as president of the Eurogroup, setting out political support for Hungary's closer economic integration with the European Union and its stated preparation for eventual euro area entry. The ministry said Pierrakakis told Hungarian Prime Minister Peter Magyar and Finance Minister Andras Karman that the Eurogroup is ready to support Hungary with expertise and guidance as it pursues convergence. The discussions covered European economic developments, competitiveness and further economic convergence within the European Union. In his public comments, Pierrakakis said euro adoption requires meeting the Maastricht convergence criteria on long-term interest rates, exchange rate stability, inflation and fiscal conditions, as well as two years of participation in the Exchange Rate Mechanism II. He encouraged Hungary to maintain prudent economic policies and advance the institutional reforms needed to meet those conditions. Pierrakakis also said Hungary submitted its national Recovery and Resilience Plan last week and that it is already on the July 10 Council agenda for approval. He linked full disbursement of Recovery and Resilience Facility funds to delivery of agreed milestones, particularly reforms tied to the rule of law, anti-corruption safeguards, transparency in public resource management and public procurement, and stronger stakeholder participation in lawmaking.

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