Minister of Finance: Filling gas reserves is essential for economic stability

Uncertain energy supply, high energy prices and inflation are currently the biggest threats to European economies, and filling natural gas reserves will therefore be essential in the coming months, Brussels said on Tuesday. Finance Minister Mihaly Varga.

Speaking to Hungarian journalists after a meeting of EU finance ministers, Varga said energy security would become even more important with the onset of autumn and winter.

Hungarian reserves now stand at 36%, he said, adding that the government had placed orders for new purchases.

On Europe’s independence from Russian energy, Varga said “it won’t happen overnight… but economies will have to keep working”.

On another subject, Varga said that Hungary fully supports the goal of the Czech EU Presidency to ensure energy security for the whole of Europe. The Hungarian government also supports efforts to increase Europe’s defense capabilities and the protection of EU cyberspace, he added.

Varga said a European debate on Ukraine’s post-war reconstruction funding needs was too early, but added that the Hungarian government was ready to help “if this war-torn country needed help. additional funding.

Responding to a question about the global minimum tax, Varga said the government would try to convince its partners that “in a crisis of war, the implementation of tax increases has a serious impact on competitiveness and that the market work is not good”.

Varga said he hoped the EU and the Hungarian government were “in the final phase” of talks regarding economic stimulus funds for Hungary, and that those talks would be concluded in the fall. This, he said, is “just as important for Hungary as it is for the European Union”.