Hungary FM: Brussels’ Botched Decisions Risk Triggering Another Economic Crisis

A fundamental shift in the European Union’s economic policy is urgently needed to restart growth, but until that happens, the Hungarian government will do everything it can to mitigate the damage, said Foreign Affairs and Trade Minister Peter Szijjarto on Tuesday in Horsens, according to a statement from the ministry.

Peter Szijjarto, Foreign Affairs and Trade Minister if Hungary, says Brussels urgently needs a fundamental economic policy shift (Photo: AFP)

A világ újra rohamléptekkel halad a blokkosodás irányába, és bárki bárhogy próbálja szépíteni a helyzetet ezen Európa...

Posted by Szijjártó Péter on Tuesday, October 14, 2025

“The EU’s trade commissioner congratulated himself, calling it a fantastic agreement, but he didn't seem to be bothered by the facts and treated my questions as an insult — and refused to answer them,” Szijjarto said.

The most basic and relevant question is: how much has the European automotive industry — the backbone of the Bloc's economy — suffered, given that tariffs have increased sixfold from 2.5% to 15% because of the Commission’s deal?

the Hungarian minister stated.

Peter Szijjarto: The Tariff Deal Could Get Worse

FM Szijjarto also warned that the agreement could become even worse, as von der Leyen made completely irresponsible and unfounded promises that the EU would purchase €750 billion worth of energy from the United States and that European companies would invest €600 billion there.

These commitments to the United States of purchasing hundreds of billions of euros worth of energy and investing to the same tune in the U.S. are utterly unrealistic and unfounded. The European Commission doesn't buy energy nor make investments,

he stated.

So it’s entirely possible that the ‘worst deal of the century’ will become even worse if these science-fiction-like promises fail to materialize,

he stressed.

FM Peter Szijjarto concluded that Brussels had caused losses to the European economy (Photo: AFP)

He concluded that Brussels has inflicted losses on the European economy through its misguided trade and economic measures involving the U.S. and China — and now by trying to completely eliminate cheap Russian energy sources, forcing Europe to buy much more expensive ones elsewhere.

“No wonder Europe’s competitiveness is plummeting dramatically — Brussels’ policies have effectively delivered a knockout blow to the economy,” he stated.

Szijjarto reiterated:

Brussels needs change and a complete economic policy turnaround to restore Europe’s strength as soon as possible. As long as EU policy remains over-politicized and ideologically driven, Europe’s economy will not recover. 

"That’s why, at home in Hungary, we must take all crucial measures ourselves to ensure that our economy's competitiveness — even in this sluggish European economic environment,” he added.

Cover photo: Peter Szijjarto, Foreign Affairs and Trade Minister if Hungary, says Brussels urgently needs a fundamental economic policy shift (Photo: AFP)