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Hungary Grows Impatient for Entry into the Eurozone |
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Thursday, 26 February 2009Hungary perceives membership of eurozone as the best way to cope with global financial crisis. After meeting with EU Commission President Jose Manuel Barroso on February 24th, Prime Minister Ferenc Gyurcsany said "I think the best protective mechanism is to speed up our accession to the eurozone." Moreover, Gyurcsany asserted that waiting for two years before accession is pointless if requirements regarding the budget and inflation are successfully met. In the press conference, the Prime Minister asked that "Without relaxing the conditions of euro accession, do we have to wait two years in the ante-room? Is it important to keep these countries in the lobby for so long?"
EU Commission Barroso also emphasized the importance of eurozone membership in order to acquire protection against economic instabilities. However, he said that the responsibility for euro membership relies upon member states and their performance determines the speed of the accession process. Approaching the issue from a political point of view, the President added that although the Commission is not the final decision making authority within the EU, it would be pleased to see all EU member states to be a part of the club.
Currently, the eurozone involves 16 0f the 27 member states. All central and eastern countries had been obliged to be a member of eurozone once they became the EU members. Main requirements for joining the club consist of keeping the inflation levels and interest checks under control and their budget deficits below three percent of GDP.
Prime Minister Gyurcsany also pointed out the importance of solidarity for the future of Europe and expressed his fears that the EU is dividing into rich and poor member states. Calling attention to the philosophy of the integration, he said that no region can be treated differently to another and the same solutions have to be applied within the EU regardless of regions.
Ceren Mutus (JTW)
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Thursday, 26 February 2009
Ceren Mutus
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