Finance Minister: EU, US should strive for equal relations

The minister said after the meeting held with the attendance of US Secretary of the Treasury Janet Yellen in Luxembourg that the crisis brought on by the war in Ukraine and the related sanctions is 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.