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MNB governor says resolution of eurozone crisis should not harm non-zone states

The euro-zone debt crisis should be resolved in a way that causes no damage to states outside the zone, National Bank of Hungary (MNB) governor Andras Simor said during a roundtable discussion at the Euromoney financial conference in Vienna on Wednesday.

Mr Simor said that the some Central-East European countries such as Hungary are more deeply integrated into the eurozone than some states on zone’s periphery. The measures aimed at resolving the crisis should be formulated in cooperation with those countries, he said.

During crisis management, the focus should be on fiscal sustainability rather than on fiscal discipline, Mr Simor said.

There is a need for rules which help to create jobs and enhance innovation as well as improve competitiveness and confidence.

Mr Simor talked of the need for a stable and reliable environment. All market players take risks but these should not be legal or regulatory risks, the MNB governor said.