High energy prices weakening Europe, euro, Orbán says

Ukraine Crisis

Photo by Ilyas Tayfun Salci / Shutterstock.com

Prime Minister Viktor Orbán said higher energy prices are weakening Europe and the euro in a post on Facebook late Thursday.

"Energy prices are rising drastically, and that's weakening Europe. The war and sanctions, together, have made energy dearer in Europe than anywhere else in the world. That's why the euro has been weakening against the dollar for days," Orbán said.

Central Europe's economies are also being "pummeled" by increasing energy prices and wartime inflation, he said.

"The issue is slowly moving from the scale of energy prices to whether there will be energy, gas, or oil," he added.

Orbán said Hungary's energy supply is "secure" and the economy's growth "stable". He also noted measures the government has taken to tax windfall profits of companies in sectors that have benefited the most from wartime inflation while setting up funds to preserve the regulated price scheme for household utilities and to upgrade the country's military defense.

He added that the government will "protect families with all means" while sticking to fiscal targets.

Orbán reiterated that "peace is the only remedy for wartime inflation" and pointed to the necessity for a ceasefire and the start of negotiations "as soon as possible".

"Hungary's position has been clear from the start: we want peace. We represent that position in European forums, too. Today, everybody can see that the war has hurt Europe the most. America is not getting any weaker and China is getting stronger, while Europe suffers. Europe needs peace, not war!" he added.

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