The Euro can wait

Great quote care of Reuters from Hungary’s Minister of Economics, which at first reminded us of that incredibly forthright admission from the country’s former prime minister that the ruling class had been lying for years, and that it couldn’t go on. It would have been daring, of course, had he said it to the public, but if memory serves, it was taped secretly and leaked spinelessly to the press. Still, it’s one of those rare moments in which you see politicians actually behaving self-critically.

In his most recent column in a Hungarian weekly publication, Minister of Economics Gyorgy Matolcsy is making the case that Hungary should can the idea of joining the Euro for the next couple decades. And in a remarkable display of chutzpah, he chides the European Union for its economic mismanagement. Seems like you could substitute the word Hungary for Eurozone here quite easily.

The euro zone faces a protracted financial and economic crisis because it grasped too much and aimed too high

Is he saying that Hungary doesn’t face a protracted financial and economic crisis because it bit off a bit more than it could chew? One can imagine him penning these thoughts in the car, as he’s whisked off to the latest round of bailout talks with the IMF.

While we’re at it, if anybody knows what this means, we would love to get our hands on an English translation:

Hungarian policy can follow a multi-step strategy which strengthens the economy without the euro in the next two wartime decades and enters the euro zone following a new peace.

But maybe this is purely intended for local consumption, and is part of a campaign to prepare citizens for what’s to come. No doubt Hungary can get its economy back on track, and it’s entirely possible that a frank admission that membership in the Eurozone isn’t going to happen in the near future is a healthy step. Now all it needs to do is to quit frightening off foreign investors for long enough for some deals to go through and we can start talking about progress.

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3 responses to “The Euro can wait

  1. Question on the 1st paragraph: “prime minister”. Who do you mean, Orban? Piotr

  2. We meant Gyurcsany, back in 2006

    • Thanks for reply, because with the on-going mad anti-Orban campaign it sounds like he is the Great Evil always.

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