Finance Minister Mihály Varga said Europe's job was to concentrate on improving its competitiveness, allowing it to enter the race with the United States or Asia.
Minister Varga added that a proposed package of European Union regulations on VAT in the digital age approved by EU finance ministers will allow businesses to register for VAT purposes once for all member states.
After an Ecofin meeting in Brussels on Tuesday, Minister Varga said the VAT in the digital age package had been under discussion for two years before its approval on Tuesday. The new regulations will make it easier and faster for companies to do business across European markets while supporting the fight against VAT fraud, he added.
The ministers also approved changes to the EU statistics system, allowing for more accurate tracking and transparent use of energy data, he said, calling the measure "an important step".
Addressing the EU's Recovery and Resilience Facility (RRF), Minister Varga said Hungary had received just 8pc of the funding it was due.
Minister Varga warned that protectionist measures, such as punitive tariffs, would only boost the cost of cooperation. "That's not the solution; seeking partnership is," he added.