János Bóka, EU Affairs Minister, said the Competitiveness Compass of the European Commission "doesn't point anywhere", commenting on the EC's economic policy scheme published earlier that day.

Rather than cutting red tape, it appears that the program will increase bureaucratic burdens and "sets further unrealistic climate goals rather than rationalizing the green transition", Minister Bóka said in a video uploaded to Facebook.

"Rather than supporting companies, we see a European planned economy and further curbing of the space for member states' economic policy," he said.

When drafting the Budapest Declaration, European leaders "expected a change of direction, a change of approach, not simply further measures," Minister Bóka said.

"That hasn't happened; this is a disappointment, a missed opportunity. Europe needs change, but those who made the failed decisions of the past five years cannot deliver that," he said.