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Orban Vows to Defeat Inflation, Stay Out Of Russia-Ukraine War in State of Nation Speech

HUNGARY
  • In his state of the nation speech on Saturday, Prime Minister Orban said his government would “defeat” inflation (which peaked at 25.7% in January) and maintain controversial interventionist measures in what he says will be the nation's "most dangerous year". Such measures include price caps on certain food items as well as a ceiling on mortgage rates.
  • On Russia, Orban reiterated that Hungary won’t supply weapons to Ukraine, as Budapest doesn’t view Moscow as a security threat - "If we want to protect Hungary and ensure a peaceful life, we have a single choice: stay out of the Russia-Ukraine war." He said that NATO membership was vital to Hungary, arguing that the country was located "too far on the eastern edge of the Western world" to abandon the alliance.
  • On Sunday, Orban met the director of the Central Foreign Affairs Commission of the Chinese Communist Party Wang Yi for a private dinner, MTI report. Foreign Minister Szijjarto will hold talks with Wang Yi on Monday to discuss cooperation between China and central European countries, as well as Hungary and China's strategic partnership.
  • There are no major economic releases scheduled this week. Today, Energy Ministry State Secretary Attila Steiner will speak at a panel discussion on the possibilities for energy independence for Hungary and Poland.
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