Varga Urges Economic 'Relationship of Equals' Between EU, US

Int’l Relations

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Finance Minister Mihály Varga said European-American economic ties could be effective "if based on a relationship of equals" and the European Union acted "according to its own interests" after a Eurogroup meeting, in inclusive format, joined by United States Treasury Secretary Janet Yellen in Luxembourg on Monday, according to a report by state news wire MTI.

"While the European Union loses economic ground and its competitiveness weakens, the American economy is performing better than expected," Varga said in a statement issued by his ministry.

"Price shocks that appeared at the outbreak of the Russian-Ukrainian war have caused the EU's economic performance to worsen to a significant degree, as the continent relies on imports of energy. In contrast, the United States is a net energy exporter in the global economy," he added.

Varga said the Inflation Reduction Act passed by U.S. lawmakers last year had put European automotive industry companies at a disadvantage because of tax preferences. "That raises serious concerns," he added.

He said a "strong, growing" European economy was a prerequisite for a robust expansion of Hungary's economy which "requires an integrated cooperation between the two economic areas".

"Just as Hungary is open to all markets in the world, the European Union should also maintain its openness, to China, among others," he added.

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