Does Hungary truly need the euro? – commentary

By Dénes Albert
3 Min Read

When discussing the introduction of the euro in Hungary, we must be ready for the usual magical combinations of half-truths and convenient omissions on the issue of the euro.

As far as the European single currency is concerned, its creation already occurred in the mid-1960s in the six-member European Economic Community. In 1969, former Luxembourg Prime Minister Werner had already come up with the draft. According to him, after ten years of preparatory work, the desired tool could be realized by 1980.

It is a condition that the countries concerned fully harmonize their monetary and fiscal policies by then, including tax harmonization. The bank issuing the joint money would have been under common control. However, the large (dollar) “world market” saw a different purpose.

The lords of the dollar, which had already flooded Europe by then, did not need a competing currency (read: another power). They were full of destructive ideas. They agreed with oil producers that the latter would make huge price increases and accept only dollars from 1973 onward as payment.

Today, it is clear to almost everyone that the euro, since its inception, is a common currency that is weak enough for the German economy to sustain its massive export capacity, yet too strong for Southern European states to respond to it.

Imbalances have now become indefensible, with Covid only adding to the problem. Southern budgets continue to show large deficits, and accumulated public debts are typically 100 – 210 percent, rather than the desired maximum of 60 percent of GDP. Accordingly, the euro snake reached for its own tail and bit into it. The only question is whether it will entirely devour itself.

We also need to talk about the political climate that is currently prevalent in the European Union. It has moved far away from written law, when the globalist bureaucratic army in Brussels, never chosen by anyone, allows itself to treat and follow its ad hoc ideas as a “European value” instead of written rules. (See also: the issues of euthanasia, migration, and the current LGBTQ madness.)

If we also get the European Central Bank, which manages the common euro, around our necks, they will no longer need to break the law in order to push Hungary off its monetary path.

Accession should only be seriously considered if the Union returns to a community of strong nations. However, this is not the case today. Our connection at the moment is similar to that of parallel lines that are said to meet in infinity. We can wait – we are patient.

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