Hungarian Finance Minister Advocates Equal Relations between EU and US at Eurogroup Meeting
Economic Ties Between Europe and US Must Be Based on Equality, Says Hungarian Finance Minister
Finance Minister Mihály Varga emphasized the importance of an equal relationship and the pursuit of their own interests by the European Union (EU) in order for economic ties between Europe and the US to be effective. Speaking after a Eurogroup meeting in Luxembourg, which was attended by US Secretary of the Treasury Janet Yellen, Varga noted the adverse impact of the crisis brought on by the war in Ukraine and related sanctions on the EU’s economy. He further pointed out that the skyrocketing energy prices at the onset of the conflict hit Europe harder due to its dependency on external energy resources, unlike the US, which is a net exporter of energy.
Varga also expressed concern over the impact of the US Inflation Reduction Act, passed last year, on the EU’s car manufacturing industry. He stressed the significance of a strong and growing European economy for Hungary’s own dynamic growth. While Hungary remains open to all markets, Varga emphasized the need for Europe to adopt a similar approach, including towards China and other countries.
This article comes amidst reports suggesting that Romania has already surpassed Hungary in terms of GDP, and there are indications that Bulgaria may also outperform Hungary this year. These trends raise concerns about Hungary’s economic competitiveness and highlight the importance of addressing economic challenges effectively.
It is worth noting that we previously reported on the decline of the Hungarian forint over the past decade, which further underscores the need for Hungary to focus on strengthening its economy and fostering favorable economic partnerships.
In conclusion, the Finance Minister’s remarks stress the necessity of an equal and mutually beneficial relationship between Europe and the US. By prioritizing their own interests and taking proactive measures, the EU and Hungary can work towards achieving a robust and resilient economy that will enhance their competitiveness in the global market.
