23 Mar

Although the United Kingdom has not launched the so-called Article 50 procedure resulting from the BREXIT referendum of 23 June 2016, the start of the process is imminent. In such an unprecedented situation the Hungarian Government is intent on making an active contribution to demonstrate its commitment to a successful European Union. 

Accordingly, the Hungarian Government decided to take steps to host the European Medicines Agency (EMA) as well as the European Banking Authority (EBA) by the time the United Kingdom leaves the EU. The EMA is an institution responsible for the authorisation and monitoring of innovative medicinal products, and in view of its size and competencies plays an important role in the daily operation of the EU. As part of the European System of Financial Supervision, the EBA (established in 2011) is responsible for the effective and smooth functioning of the European banking sector as well as for maintaining financial stability in the EU.

Hungary recalls that in accordance with the decisions of the European Council of 2003 and 2008, when it comes to the location of EU Agencies, Member States which joined the EU after 2004 should be given a priority. Although Hungary hosts two EU agencies in Budapest (the European Institute of Innovation & Technology and the European Union Agency for Law Enforcement Training), the EMA would be the first agency with such a broad scope of competence and large numbers of staff, which would contribute to a better geographical distribution of EU Agencies.

Hungary is dedicated to medical research, development and innovation, which are supported by the country’s reputable tradition in the field of pharmaceutical studies. By hosting the EBA in Budapest, the Authority could strengthen its independence from banking supervision within the eurozone and strike an adequate balance between the banking sector interests of eurozone and non-eurozone Member States.