Hungary calls to dismantle the euro


"The euro? It must be recognized: it has been a mistake ». This is how the president of the Central Bank of Hungary, Gyorgy Matolcsy, expressed himself in a column published by the British newspaper "Financial Times". Justifying the exit of the United Kingdom and launching a severe attack against the single currency, he affirms that "the time has come to seek a way out of the euro trap", in a public gesture of plethisy to the Russian claims of influence over his country.

“There is a dangerous dogma, according to which the euro would have been a normal step towards the unification of Western Europe. But creating a common European currency was not entirely normal, because almost none of the necessary preconditions were met, ”argues the banker, who builds a mythology of the emergence of the euro from an alleged conspiracy to dominate Germany. "When it was conceived, the euro had a political intention that was to weaken Germany," Matolscsy novel, "France wanted the Germans to renounce the framework. This step back was the price to pay for the reunification of the country. Without their powerful currency, the French thought that Germany would not have so much influence. Gyorgy Matolcsy contradicts himself by recognizing that, since its introduction in 1999, one of the countries that has benefited most from the single currency has been precisely Berlin, which has been able to export its products even more.

The head of the Bank of Hungary defends that Gyorgy “Europeans must give up their dangerous fantasies of creating a power capable of competing with the United States. Eurozone members should be able to leave the monetary area in the coming decades, and the rest should build a more sustainable global currency.

Hungary, together with Poland and the Czech Republic, are just one step away from being condemned by the European Court of Justice for their refusal to participate in the refugee relocation system approved in the EU in 2015 to help Italy and Greece in a context of massive influx. The importance of the dispute does not lie in the specific case of that mechanism, which has already expired, but in the Commission's interest in establishing jurisprudence in the obligation of all Member States to collaborate in a distribution system that was implemented based on the Article 78 of the Treaty.

Taking advantage of this moment of disaffection and misunderstanding, Russia is carrying out an approach to the Government of Viktor Orbán that culminated last week with an official visit of President Vladimir Putin
to Budapest that served to stage that Hungary has become a Russian outpost within the EU. Orban, in power since 2010 and a declared fan of Putin, has been meeting with him at least once a year in the last decade and declared during the visit that “Hungary is part of NATO and the EU, and will continue to be, but that does not exclude that in certain political issues cooperate with Russia ». Putin arrived in the Central European country a day after Budapest vetoed a joint NATO statement on Ukraine, arguing that the document did not include its explicit requirement to respect national minorities, including magiar. In the west of Ukraine lives a Hungarian minority of more than 100,000 people, who have denounced that Ukrainian legislation limits the use of their mother tongue.

Another of the issues discussed by the two politicians in their meeting was the Hungarian interest in participating in the Turk Stream gas pipeline, which will transport Russian natural gas to Turkey across the Black Sea and which plans to extend to Central Europe. "For Hungary, participation in this project represents a significant interest, both to guarantee its energy security and to increase its role in Europe's energy system in general," Putin said. This level of relations with Moscow was harshly criticized by US Secretary of State Mike Pompeo during a visit to Budapest last February. Without citing them expressly, he suggested that projects such as the expansion of the only nuclear plant in the country with a Russian loan of 12,500 million euros extend Moscow's energy dependence. The Paks plant supplies 40% of the electricity consumed in Hungary, and Russia already supplies 70% of the oil and gas used in the Central European country.

Along the same lines of foreign policy, Orbán receives Erdogan as the only European politician who has explicitly expressed his support for the recent Turkish invasion of northeastern Syria to force the withdrawal of Kurdish militias from the area. It is undoubtedly one of the great political challenges that the European Commission has to address, under the direction of its new president, the German Ursula von der Leyen, since Hungary's free verse systematically constitutes an impediment to the common foreign policy European .


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