Finance Minister Mihaly Varga – Photo: MTI

Finance Minister in Baile Tusnad: ‘Own sanctions weaken EU’

The European Union is becoming weakened by its own sanctions imposed on Russia and the question is whether it can survive them, the Hungarian finance minister said at the 31st Balvanyos Summer University in Baile Tusnad (Tusnadfurdo), in central Romania, on Thursday.

Addressing a panel discussion focusing on inflation, energy prices and recession, Mihaly Varga said Europe needed for the time being Russian energy because switching to alternative energy sources would take long and would require additional financial resources.

“The sanctions imposed so far have been ineffective and there is a lack of international cooperation concerning them,” Varga said, adding that the fluctuation of the euro and dollar exchange rates poses a serious problem to the EU. “Europe from this point of view is among the extremely big losers,” he said.

Varga reiterated the Hungarian government’s firm position supporting peace and security, adding that it would use all available resources to maintain its social and economic achievements.

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