Western Balkans: the situation is gloomier than it may seem
2011-03-16
While the EU is closing the last chapters before accession with Croatia, Serbia and Montenegro are eyeing the prospect of becoming member candidates. But can the EU integrate the whole region, including Kosovo and Bosnia?
2010 was a good a year for the Western Balkans. The passing of the Lisbon Treaty in December 2009 helped the EU get back into a more pro-enlargement mood. In its most recent progress report, the European Commission recommended granting Montenegro candidate status, while Serbia’s application for membership was sent by the Council for an opinion to the Commission. In June 2010, the EU finally approved launching the ratification process of Serbia’s Stabilization and Association Agreement (SAA), the implementation of which had been put on hold since its inception in 2007 owing to Serbia’s unsatisfactory cooperation with the Hague Tribunal. From December 2010, Bosnian and Albanian citizens gained the privilege to enjoy visa-free travel to the EU, similarly to their Serbian, Montenegrin and Macedonian counterparts who gained this right one year earlier.
Is there a common treatment for the eurozone periphery?
2011-03-02
Living conditions have worsened radically in every country of the eurozone periphery. What could be the new engines of growth?
The four peripheral eurozone countries – Portugal, Ireland, Greece and Spain – are often lumped together. Greece and Ireland have already received rescue packages from the EU, and Portugal is continuously on the verge of a bailout. However, these economies and their “roads to the crisis” differ considerably case by case.
Is there any need for the Visegrad Group?
2011-02-23
The Visegrad Group, which celebrated its 20th anniversary last week, helped Hungary, Poland, the Czech Republic and Slovakia to join the EU. Why do they still need the V4 then?
The Budapest–Prague train says it all about the Visegrad Group as it slowly makes its way toward Bratislava: instead of a slick ‘Visegrad Express,’ like the one bringing you from Paris to London on a whim, this train takes seven hours to make the much shorter distance. It is a patchwork: carriages are provided by the four state railways and the locomotive is often changed after crossing the non-existent borders. The train passes three Visegrad capitals and yet there is only the majestic view to the very castle that has lent its name to the cooperation to remind us that we are in ‘Visegrad-land.’
The euro in Hungary is 14 years behind schedule. Is this a good thing?
2011-02-21
Should Hungary hurry into the Eurozone? Is there an optimal interest rate for top performers and laggards?
Prime Minister Viktor Orbán announced recently that Hungary will not adopt the euro before 2020. The statement went down without a public outcry, but that is likely to be because Hungarians have already grown weary of the issue of euro accession, which competes with Metro 4 for the title of the most procrastinated project in the country. In fact, Orbán himself stressed that he is unwilling to specify a target date in order to save the country from another embarrassment. The first target date of Hungarian Eurozone accession had been 2006.
euro eurozone euroclick hungary's accession to the eurozone eu financial stability viktor orbán hungarian national bank mnb
A brave project: boom or bust?
2011-02-17
If the euro fails, the whole EU could burst apart. But who could stop this from happening and how?
It’s a brave project – Ben Bernanke, the current Chairman of the US Federal Reserve once said about the eurozone, in the sense that common monetary policy should imply shared fiscal policy. Indeed, the euro area is not in line in its actual existence with the criteria of “optimal currency areas” that was designed by Robert Mundell, an American economist in the 1960s.
About the blog
This blog delivers opinions and interpretations on current events about the economy in the context of the EU, Hungary and Central and Eastern Europe. We live in turbulent times; the financial crisis affects all of us and has changed some economic rules and paradigms, as well as those of European integration. Here, you will read intellectually inspiring pieces – you do not necessarily have to agree with every post, but you will probably have your own opinion concerning their topics. Our goal is to make you think about what is happening in the European economy. Hungarians and expats with different backgrounds living in Hungary will be asked to contribute: businesspeople, managers, researchers, journalists, representatives of NGOs, those who have special knowledge in this field. Politicians? We will see. Party propaganda – no thanks; policy issues – why not? If you feel like writing a post, do not hesitate to contact me: martin.jozsef.peter@gmail.com.
Sponsored by:
About the editor
József Péter Martin was trained at the Corvinus University of Budapest as an economist; he also studied in Leuven (Belgium) and Groningen (The Netherlands). He started his career in journalism at the Hungarian business daily Világgazdaság, then worked 12 years at the editorial office of business weekly Figyelő, where, after several other positions, he was editor-in-chief from 2003 until 2009. Nowadays he appears regularly in the domestic and international media as an economic and EU analyst and columnist. He is author of more than a thousand articles and dozens of studies on economy and politics. In 2010, he co-authored a book on the financial crisis (“Álomcsőd” – The Default of a Dream). He also holds lectures on European studies and economic journalism at the Corvinus University of Budapest. He is a member of the supervisory board of Transparency International in Hungary.
20:10Egis ups guidance
19:45Banking association establishes position on transactions duty for talks with govt
19:25Hungary seeks three-year, €15 bln precautionary financing from IMF/EU
12:25Nabucco consortium executive body to discuss MOL stand on pipeline
12:05Weaker HUF, EUR sales to mortgage repayments give MNB extra HUF 13.6 bln
11:35MOL considers joining BP pipeline project
16:55Hungary CPI picks up to 5.7% in April
16:45EC forecast puts Hungary deficit under 3% threshold in 2012, 2013
EC forecast puts Hungary deficit under 3% threshold in 2012, 2013
A sector waiting to be recognized
Govt breaks promise made in agreement with new tax, Banking Association says
Hungary exports drop, imports down slightly yr/yr in March
Hungary debt insurance costs surge on Greece worries
Govt approves new taxes in Széll Kálmán Plan 2.0
Govt approves new taxes in Széll Kálmán Plan 2.0
Hungarian insurers to pay no bank levy from 2013, ministry confirms
EU conformity of telephone tax questionable, Mattheisen says