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Matolcsy calls for comprehensive reform of eurozone

Analysis

Photo by Marian Weyo/Shutterstock.com

National Bank of Hungary (MNB) governor György Matolcsy called for a reform of the eurozone and a rethinking of the Maastricht criteria at the central bankʼs annual Lámfalussy Lectures on Monday, state news wire MTI reports.

Photo: Marian Weyo/Shutterstock.com

Matolcsy urged the launching of a dialogue on the restructuring of the eurozone. Hungary has drawn up a program for this restructuring, he noted.

Some 20 years after the adoption of the euro, some fundamental conditions have still not been fulfilled and a new dialogue is needed on how to reform the single currency zone, Matolcsy argued. The 30th anniversary of the Maastricht Treaty in 2022 will offer an excellent time for reforms, he added.

Matolcsy said that reforming the convergence process also necessitates a new dialogue with the EU institutions and the International Monetary Fund. Everyone in Europe is interested in a strong European Union.

The sustainable success of the European economy requires competitiveness and cohesion. The first decade of the eurozone was a successful period but after the global financial crisis, it is left facing a number of problems and unresolved questions, Matolcsy said.

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