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)

Following an informal meeting of the EU Trade Ministers, Peter Szijjarto emphasized that Brussels must make a basic economic policy turnaround as soon as possible, warning that the world is rapidly heading toward a new era of geopolitical bloc formation, which would cause enormous harm—as Hungary experienced during the Cold War—and that the EU itself would suffer as a result. “In recent months and years, the European Union has lost out in every deal it has itself been a party to, and usually also in measures it wasn’t even directly involved in,” he stressed.

According to Hungary FM Peter Szijjarto, a fundamental shift in Brussels' economic policy is needed as soon as possible (Photo: AFP)

Time has proven that Brussels’ measures have both isolated the European Union and dealt a severe blow to the European economy,

according to Hungary's Foreign Affairs and Trade Minister. 

As an example, he cited the collapse of the European growth model—which was based on combining advanced Western technology with Eastern energy resources—as a result of the sanctions imposed on Russia, noting that nothing viable has replaced this system since. He also criticized the tariffs imposed on Chinese electric vehicles, calling them extremely harmful, and argued that European Commission President Ursula von der Leyen recently signed “the worst deal of the century” with the United States on trade tariffs.

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)