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Orban Rejects Joining Eurozone

Published: October 10, 2012; 18:51 · (Vindobona)

The Hungarian Prime Minister Viktor Orban thinks that the introduction of the euro in Hungary would be “irresponsible”.

Orban Rejects Joining Eurozone / Picture: © Wikipedia / Európa Pont

Hungary´s Prime Minister says that there is no need of joining the Eurozone at the moment. Initially, there was the obligation to become a member of the Eurozone for every EU member country, Orban states. “When we have signed the accession treaty, the Eurozone was completely different. As a result, an accession cannot be automatically.”

Above all, the Southern Eurozone members have joined the Eurozone “much too early”, Orban argues. “The were not ready for it.“ Orban says. „But we will not make this mistake.“ The Hungarian Prime Minister thinks that the crisis in the Eurozone will persist for many years. “In several Eurozone member countries, the debt has reached the critical threshold of 90% of GDP. They will not be able to reduce the debt level on their own.” In five years, the debt crisis will cause a political crisis, he says. “Our democratic systems have an inherent weakness. Regarding initiating reforms, a presidential system is more suitable than a parliamentary system.”

Tomorrow, Orban will visit Germany´s Chancellor Angela Merkel in Berlin. Orban emphasizes that the bilateral relations between Germany and Hungary are good. “I want to make some things clear in Berlin. The planned banking union would be too fast for Hungary. A second issue is the fiscal policy. We do not want a tax harmonization in Europe, but a tax competition. Moreover, a want to talk about the budgetary situation of the EU.“