Brussels: Europe and the Arabs
Informal meetings of the ministers of economic and financial affairs of the European Union countries began today, Friday, in Budapest, the capital of the current rotating presidency of the Union, which Hungary has held since early July. The meetings will continue for two days. This morning, discussions of the Eurogroup ministers began to discuss macroeconomic developments and a statement from the Group of Seven countries, in addition to other topics. According to a European statement in Brussels, on Friday afternoon, ministers and central bank governors will discuss the issue of "sustainable financing for the green transition." The Secretary-General of the Organization for Economic Cooperation and Development and the CEO of the Hungarian State Debt Management Agency will give presentations on how to bridge the financing gap with innovative tools, and how to better mobilize household and other private savings when there is a need to promote the green transition and put public debt on a downward path at the same time.

Saturday morning's session will be devoted to "The effects of demographic changes on public debt sustainability", where delegations will discuss debt sustainability risks in the context of aging societies and possible lines of action. This issue is a top priority for Hungary’s EU Presidency, as it puts the EU’s long-term economic prosperity at risk due to a shrinking working-age population and labour shortages. The discussion will draw on a contribution from the Brussels-based think tank Bruegel. During the ministerial working lunch, the IMF Managing Director will outline “new financing opportunities to support low-income countries in their response to global challenges.”