The Prime Minister of Hungary, Peter Magyar, finally assumed the head of the Government this Saturday in a ceremony held in Budapest and amid congratulations from EU leaders in what is anticipated as a normalization of relations with Brussels after years of tensions with his predecessor, Viktor Orbán.
“Congratulations to Peter Magyar for assuming the position of Prime Minister of Hungary,” said the President of the European Council, António Costa, in a message published on social networks in which he highlighted the “happy coincidence” between the ceremony and the celebrations of Europe Day that marks the birth of the Coal and Steel Economic Community, the seed of the European Union.
The prime minister has promised that his victory in the April elections will mark a new era for the country. “Hungarians have given us the authority to end decades of stagnation, to open a new chapter, and we will learn to live as one nation again,” he told the national parliament.
Magyar is also scheduled to address the crowds outside Parliament in Budapest to celebrate what the prime minister-elect has called a return to liberal democracy. The European Union flag flew again in front of the neo-Gothic building for the first time in 12 years, marking a radical change following Orbán’s increasingly pro-Russian and anti-European policies since his return to power in 2010.
With the support of a supermajority in Parliament, Magyar has pledged to recover embezzled state assets and completely dismantle Orbán’s political system. In addition, he has given Orbán loyalists, including the president, the attorney general and the main magistrates, a deadline of the end of May to resign.
His most urgent task is to unlock more than $20 billion in EU funds, vital to reviving Hungary’s economy and creating room in the budget to deliver on key election promises, such as increasing spending on historically neglected areas such as healthcare and education.
In this sense, the new government plans to modify this year’s budget after a thorough audit, according to Andras Karman, the new Minister of Finance, told the press on Saturday. “We will find ourselves in a very difficult situation, but we will get through it,” he said, according to the news portal 444.hu.
To unlock the funds, including almost €10 billion (expiring after August), Magyar has pledged to act quickly to strengthen the rule of law and combat widespread corruption. He has stated that he aims to sign a new political agreement with the EU before the end of the month, which would pave the way for the release of the funds.
The Hungarian forint has appreciated more than 8% against the euro this year on expectations that EU funds will flow again. Hungary’s promise to move it toward adopting the euro (something Orbán had strongly opposed as a loss of sovereignty) has also boosted Hungarian assets.