German Foreign Minister Johann Wadephul visited Hungary on Monday, becoming the first German foreign minister to do so in almost seven years. Wadephul stated that Germany and Hungary have "an enormous amount of catching up to do" in their diplomatic relations and expressed his intention to use the political change in Hungary to rebuild ties "at great speed" on a foundation of mutual trust and reliability.
In April, Hungary's nationalist Fidesz party of former Prime Minister Viktor Orban was voted out of office after years of criticism from the European Union over concerns about democracy and the rule of law. Since May, a new pro-European government led by conservative Prime Minister Peter Magyar has been in power. Wadephul noted that Hungary's new government had launched important reforms within a short period, adding that a return to the rule of law and implementation of EU requirements were good news both for Europe and for Hungarians.
German companies already account for around 250,000 jobs in Hungary, according to Wadephul. A delegation of German business representatives accompanied him to Budapest to discuss what further steps are needed. Wadephul said that if fair and reliable competitive conditions once again apply to companies from all EU member states, Hungary's economy will benefit considerably.
Meanwhile, fewer people in Germany are living in homes they own, with the country's homeownership rate falling to its lowest level in 20 years, according to a study by the Pestel Institute. The rate now stands at 43.5%, and Institute Director Matthias Günther said Germany ranks last in Europe for homeownership. He pointed to high construction costs, higher interest rates and housing policy over recent years.
According to the study, residential construction costs have risen by 160% since 2000, compared with a 64% increase in overall consumer prices. Günther said younger people are bearing much of the impact, with almost three-quarters of people aged 25 to 45 currently living in rented accommodation. "Even where property prices are stagnating or falling, even dual-income households on average salaries are barely able to afford a home of their own," he said.
In other news, German federal prosecutors have charged a 57-year-old Berlin businesswoman with carrying out intelligence activities for Russia. Ilona W., who holds German and Ukrainian citizenship, is accused of working for the intelligence service of a foreign power. She was arrested on January 21 and remains in pre-trial detention.
Source: www.dw.com