Orbán: the nation-states are experiencing a renaissance, Hungary will remain in the European Union
Viktor Orbán talks in a press conference that an economic crisis is threatening Europe, which could be sanctioned by Russia.
The sanctions imposed by the European Union and the United States and their allies only affect the Russian financial system with a ban on SWIFT and a ban on Russian debt financing. Western countries ban the export of technological equipment to Russia, but beyond that, they have mainly frozen the assets of private individuals.
In the markets, oil, gas and coal prices also started to rise after the imposition of sanctions. However, these are now pre-war price levels. True, it will allow markets to rise sharply in October as Gazprom cuts European shipments to put pressure on the EU to allow the Nord Stream Pipeline 2 to be commissioned. Since then, Russia has deliberately kept energy prices high. So far, these sanctions have changed little.
However, due to rising energy prices in the persistent zone, the European Central Bank said annual euro inflation rose to 7.5 per cent from 5.9 per cent in February, higher than most analysts forecast. Energy prices alone jumped 44.7 per year on an annual basis, an astounding increase from the 4.3 percent rate recorded in March 2021.
The ECB currently expects three scenarios for 2022: normal (3.7% growth), unfavorable (2.5%) and severe (2.3%). Forecasts were made in early March, at the start of the invasion, and the institution will revise its estimates in June as analysts expect a clearer picture of the consequences of the war and the trajectory of gas prices. Recessions are not expected here.