BUDAPEST, November 1. /TASS/. The European economy is experiencing grave problems, which are largely caused by rising energy prices due to sanctions against Russia, Hungarian Prime Minister Viktor Orban said in an interview with the Austrian television channel Servus TV. Extracts from this interview were published in the Hungarian media.

"The European economy is suffering from a serious case of pneumonia, there are grave problems," Orban said.

He recalled that just recently French President Emmanuel Macron and former Italian Prime Minister Mario Draghi spoke about the difficult economic situation in the EU Union. On September 9, Draghi published a report on the state of EU competitiveness in the European Commission, which contains a warning that the European economy could fall into "slow agony."

Orban believes that signs of deteriorating economic health are clearly visible in Austria, Germany and a number of other EU countries.

"The European economy must be made competitive again," the Hungarian Prime Minister said. During its current EU Council presidency, Hungary plans to propose a European competitiveness pact to its EU partners.

Orban noted that, in his opinion, one of the main reasons for the deterioration of the economic situation in the EU was the rise in energy prices caused by sanctions against Russia.

"Energy prices are at the heart of this problem, as Brussels's policies have resulted in European companies being forced to pay two to three times the price of electricity and three to four times the price of gas compared to American companies," the Prime Minister noted. Orban stressed that Europe needs to adopt a new energy policy, otherwise companies will go bankrupt.