Finance Minister Mihály Varga said economic ties between Europe and the US will be effective only if they are built on an equal relationship, and the European Union acts on its own interests.
Following a Eurogroup meeting in Luxembourg held with the attendance of US Secretary of the Treasury Janet Yellen, the minister said the crisis brought on by the war in Ukraine and the related sanctions are contributing to the EU losing ground economically and to weakening competitiveness while the US economy’s performance exceeds expectations. Skyrocketing prices at the beginning of the war in Ukraine hit Europe harder, as it is dependent on external energy resources, he said. The US, a net exporter of energy, is performing better, he said. The US Inflation Reduction Act, adopted last year, has also hit the EU’s car manufacturing industry, he said. “That is concerning,” Varga added. A robust, growing European economy is key to dynamic Hungarian growth, Varga said. At the same time, Hungary’s economy is open to all markets, and Europe should be the same, towards China and others, he said.