Central Bank governor talks about Hungarian euro introduction date
György Matolcsy talked about the issue in the public broadcaster Kossuth Rádió yesterday. He said Hungary would have to join the eurozone sooner or later. He added that date will not come before 2030. He highlighted Europe would be successful in the coming decade, and Hungary should not miss that.
Matolcsy said he has a good relationship with Christine Lagarde, the French president of the European Central Bank. He added he sympathises with the president’s work, portfolio.hu wrote.
He said the Americans did not like the idea of the euro in 1999. Therefore, they conducted a secret warfare against it. Therefore, one of the achievements of the common European currency is that it survived the past decades. As a result, the euro has become the second “global currency” behind the USD.
Concerning Hungary’s accession to the eurozone, he said, sooner or later, it will be inevitable. However, the Hungarian central bank believes the the euro introduction would only be favourable when Hungary’s economic development level reached 90 percent of the EU’s average. Otherwise, such a decision would be irresponsible, just like in the case of Slovakia and Greece.
Governor: fiscal balance needed
Hungary may reach that development level by 2030 or a bit later. Then it would be worth it to join the eurozone. He said, during the COVID crisis, the central bank intervened several times and could help the Hungarian economic growth significantly. Without the forint, such successes would not have been possible. He praised the work of the European Central Bank during the COVID pandemic but added Hungary needed the extra only the independent Hungarian monetary policy could provide.
He highlighted the Hungarian government had to reestablish the fiscal balance broken in the last three years. He added that Hungary should be part of every EU development and economic program in the future because Europe will advance successfully in the 2020s.
Watch out Hungary. Joining the Euro will seriously hurt the already poor in Hungary even more than they already are. EVERY European nation that joined the Euro in southern and eastern Europe has seen serious cost of living increases. Ask the Italians and Greeks how much they love the Euro. Most of them will tell you it was a huge mistake.
Too bad Matolcsy couldn’t lay off the ludicrous anti-American propaganda about US “secret warfare” against the Euro. It really undermines his already shaky credibility.
“Numerous economists and banking experts have been critical of Matolcsy’s unorthodox actions regarding the Hungarian National Bank’s monetary policy, including former World Bank director Lajos Bokros and Raiffeisen Bank (Hungary) former CEO Péter Felcsuti. In an English language interview with Hungarian news website The Budapest Beacon, Bokros criticized Matolcsy for being a political appointee who knows nothing about monetary economics.[7] Felcsuti said of Matolcsy, “To suggest that he is a lunatic wouldn’t be fair. He has a view which is basically very critical of the neoliberal economic school. It’s very Keynesian. He doesn’t believe in the market and he believes much more in the government that guides or directs the market. I’ll say that much about him. These are things that can be said within the frame of academic debate.”
In 20230 the only euro still existing might be the WEF’s digital coin. No banks, blockchsin money that can be controlled by the government (preferable a one world order government). The government will decide what you are allowed to spend it. No savings, no ownership, no right to travel without your 15-minute zone, 10 grams of meat a day like in Germany, and a QR-ID where every piece of data about you is registered. The nearest future will be without cash, without freedom and a, already not united, EU.
The US is still in charge, the EU has no voice at all. Those leaders are all in the game.
To those without self-esteem, living in fear, it will sound like a Utopia.
Its better Hungary says Good Bye to EU and joins the BRICS countries, to Introduce the Euro. then Hungary loose its sovereignty completely, then everything will be arranged from Brussels.