Matolcsy: Another sort of U-turn is needed

English2020. nov. 6.GOVERNOR MATOLCSY100WORDS

I completely disagree with Melvyn Krauss, who says that the southern countries in the euro area should shrink their global exports by increasing their intra-EU trade towards the northern euro zone economies. /FT, 22 October 2020/

It would be detrimental to their future role in the global economy cementing the present laggard position of the southern belt of the euro zone in competitiveness, investment, and high-tech exports. It would also diminish the overall EU position in global trade, competitiveness and investment by further weakening the already weak half of the European currency area.

Instead, they should launch sweeping structural reforms in taxation, finance, education and at the labour market in order to enhance their global and intra-EU competitiveness. Also, they should celebrate the 30th anniversary of the Maastricht Treaty by initiating a complete overhaul of the euro in 2022. 

Governor Matolcsy, MNB, the Central Bank of Hungary

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