Financial Times analyses Euro adoption

History

A big chunk of Hungary’s deficit was born in 2000-2004 due to mortgage subsidies and was later expanded by the spread of foreign currency mortgage. “With a housing bubble about to burst, and unsustainable budget and current account deficits, the Hungarian economy is a time-bomb,” goes on the article, but basically it blames the reluctance by the Hungarian government to embrace monetary union as quickly as possible. The Hungarian government should have set a firm target for euro adoption, e.g. January 1 2009, suggests Financial Times so that it could implement more responsible fiscal policies. The fundamental lie of central European politics is that there is a good life outside the eurozone, but inside the EU, concludes the article. (Népszabadság)

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