Hungary urges action to bridge East-West divide in global trade
Hungary has a vested interest in allaying and calming tensions in world trade, and it is working for economic cooperation between the East and the West, Mihály Varga, the governor of the National Bank of Hungary (NBH), said in Washington DC, after attending the spring plenary of the general assembly of the International Monetary Fund.
Varga said the IMF had similar aspirations. Hungary, 94th in the world regarding its population but ranked 34th in exports, also has a vested interest in expanding export opportunities, he said.
The assembly touched on the importance of creating reserves at times of market uncertainty, and on countries achieving medium-term growth, he said. Hungary has been intensely incentivising growth since the end of 2024, and has an interest in continuing that course in the coming quarters, he said.
Commenting on the situation of trade between the European Union and the US, Varga said a “trench war” had started, “everyone on the European part is digging themselves into defence lines”. “America won’t change, there’s a new American leadership now which has set out clear ways forward but is ready to negotiate; I think this is the most important element of this general assembly too … there’s an opportunity to start shaping those stances in talks with each other,” he said.
Read more about trade HERE. As for the central bank, find more news HERE.
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If Fidesz wanted a bridge between east and west on trade and to resist the creation trading blocs why did they completely lose their minds to promote Donald Trump who unquestioinably does the opposite? Fidesz did not heed the warning of “Be careful what you wish for.” Now they can rejoice in having a fellow dictator in Washington while he puts in place policies that make life even more difficult for Hungarians. Trump likes using the word “loser” to describe anyone he doesn’t like and the big loser here is Orban.