Viktor Orbán – We Must Not Slip Back to “Debt Slavery”

At a recent conference titled European Competitiveness, Hungarian Economic Neutrality, held at the University of Public Service, Prime Minister Viktor Orbán articulated Hungary’s vision for an economically neutral stance in a rapidly evolving global landscape.

In his speech, the Prime Minister emphasized the need for a clear and pragmatic economic policy aimed at sustaining Hungary’s growth and independence. He stated, “if Hungary is determined, it can implement a policy of economic neutrality.”In detail, the speech highlighted several key areas.

Firstly, Viktor Orbán outlined the goals for economic policy, stressing the importance of maintaining economic growth within a 3-6% band while avoiding reliance on debt, particularly from the International Monetary Fund (IMF).

He underscored the need for a disciplined fiscal policy, asserting, “we must not slip back into debt slavery.”

Secondly, Mr. Orbán elaborated on the concept of economic neutrality, describing it as a strategy that enables Hungary to make independent decisions on business partnerships. He identified key components of this neutrality: financial neutrality, market neutrality, and technological neutrality. The PM articulated that the country must “orient itself to all points of the compass,” emphasizing a diversified approach to financial markets and partnerships.

Viktor Orbán did not shy away from criticizing EU leadership, pointing to the declining competitiveness of the Union. He referenced a report by Mario Draghi that illustrated Europe’s slower economic growth compared to the United States and China, noting,

the EU’s economic growth has been consistently slower than that of the United States over the past two decades.”

This criticism extended to regulatory barriers and the rising energy costs facing European businesses.

In addition to these economic challenges, Mr. Orbán highlighted demographic issues, arguing that Hungary must remain proactive in addressing population decline, which he views as a significant obstacle to sustainable growth.

Finally, the Prime Minister called for action, encouraging Hungary to lead the discourse on economic neutrality within the European Union.

The task for Budapest is to formulate a neutral economic policy that gives a chance of success,” he declared, envisioning Central Europe as a crucial player in this dialogue.

In conclusion, Prime Minister Orbán’s speech at the conference underscored a transformative vision for Hungary’s economic future, advocating for independence and strategic positioning within the EU. His call for a policy of economic neutrality resonates as a foundational principle for enhancing Hungary’s competitiveness and securing its economic sovereignty in the face of emerging global challenges.

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