The Hungarian banking sector is safe, Foreign Minister János Martonyi said in connection with the Cyprus crisis, speaking at a business forum of the American Chamber of Commerce on Thursday.

The Minister stated that the "exceptional, one-off situation" in Cyprus affects all European countries and it is in everyone's interests that the crisis be resolved. No one should be blamed for the situation as everybody needs stability, he emphasised. Minister Martonyi pointed out that a strong Euro and Eurozone is also in the interests of Hungary and there is no need for permanent institutional boundaries between members within and outside the single currency zone. He emphasised that promoting growth should be the main objective, but should not be achieved through increasing public debt. A stronger forint is needed; the Government is not interested in a weaker exchange rate, he added.

Central Europe is crucially important for Hungary and a successful regional policy is essential in economic as well as political terms, the Minister highlighted, since a significant amount of Hungarian export is directed towards Central European countries. He stated that though the country is a member of the Transatlantic and the European families, the Central European region is also very important, upon which great emphasis should be placed.

Minister Martonyi sees many opportunities for cooperation with countries in the region, such as the Visegrad Group. There was a lot of scepticism surrounding the V4 at first, but today it is more efficient than ever, especially within the framework of the EU, when the four countries formulate a common standpoint, he stated. At the same time, the Minister emphasised the importance of competition between the region’s countries, which is natural and a good thing.

Talking about the reduction of household utility bills, the Minister stated that the country should send a clear welcoming message to foreign investors, but it is obvious that one differentiates between producers and certain service providers. Foreign investors and producers-manufacturers are always welcome, he emphasised. Minister Martonyi also talked about the importance of economic power, but added that after the crisis the world will be different and the question will be: who can adapt better and more rapidly to the post-crisis challenges and increase their competitiveness.

(MTI, Ministry of Foreign Affairs)