Hungary welcomes the fact that European Union finance ministers now see eye-to-eye concerning the community's planned banking union, Minister of Foreign Affairs János Martonyi said on Thursday at a press conference on the annual assessment of Hungary’s diplomatic relations.

The Economic and Financial Affairs Council (ECOFIN) "seems to have succeeded in dispelling concerns" about setting up European control over the banking sector or the Eurozone, and has created "considerably better" conditions for EU members outside the zone, the Minister said.

At their meeting late on Wednesday, the ministers discussed the scope of authority of the European Central Bank, and decided that its watchdog function would only be applied "above a certain level", he noted, adding that Hungary would consider relevant conditions and then decide whether to join the banking union.

According to Minister Martonyi, the consensus reached in the early hours of Thursday would relieve the summit meeting of European Presidents and Prime Ministers later in the day of some serious debates.

The Minister also highlighted the improving relations with neighbouring countries, mentioning the continuous dialogue with Slovakia, stable relations with Romania and the significant changes in relations with Serbia, such as plans to hold a joint commemoration to the victims of the 1942 “cold days”.  The Central European region is also important to Hungary in terms of export, as Romania, Slovakia and Austria are the most important trade partners of the country, following Germany. Regarding the Hungarian minority in the surrounding countries, the Minister stated that their situation had not worsened, adding that they should be the ones asked about the issue and what kind of changes they may deem necessary.

Minister Martonyi underlined the improving cooperation among the V4 countries, especially in coordinating their views in European affairs, noting that Hungary has good relations with the Western Balkans, since the country supports their EU accession.

Speaking on global affairs, the Minister highlighted water and cyberspace as issues that Hungary can also contribute to. In the field of water, Budapest will host the 2013 World Water Summit, building on the achievements of the Hungarian EU Presidency in 2011. Regarding cyberspace, he recalled the successful conference in October, attended by high-ranking representatives such as EU High Representative for Foreign Affairs and Security Policy Catherine Ashton, President of Estonia Toomas Hendrik Ilves, Minister of Foreign Affairs of Sweden Carl Bildt, or Foreign Secretary of the United Kingdom William Hague.

With regard to economic issues, Minister Martonyi mentioned Hungary’s policy of opening up towards the East, also highlighting Africa and Latin America as important regions for Hungary. He also noted that 75% of Hungary’s trade is carried out within the EU, which will now slowly change through the added involvement other regions.

(Ministry of Foreign Affairs)