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TheChallengeofEurozoneReformsinaTimeofUncertainEconomicProspects
Kovács,researchfellowatICEGEuropeanCenter,analysesoneofthemost
importantchallengesfortheCEEcountries,whichiseurozoneaccession,
focusingonthecaseofHungary.Hedeliversanextensiveanalysisofthe
macroeconomicsituationinthecountry,thoughwithoutlimitinghimselfto
thisperspective.Hegivessomeinterestingcommentsonglobalgovernance
challengesandunderlinesthatthequalityofnationalgovernanceplaysakey
roleinensuringthelong-termeconomicsustainabilityofacountry.Inhis
analysis,Kovácsputsstrongemphasisonsufficientpreparationforeurozone
membership.
JolantaZombirt,professoratJagiellonianUniversityinKraków,is
knowninPolandforheroriginalresearchandcriticalapproachtowards
EUeconomicgovernance,especiallyconcerningthefinancialsector.19In
herarticle,shefocusesononeofthemostrecentandfrequentlyelaborated
subjectsinthelastcoupleofmonths:theEUbankingunion.Sheclaimsthat
theentireprojecthasbeenwatereddownduetodifferentpoliticalpressures.
Asaresult,therearesignificantdoubtsaboutitssustainability.Zombirtstates
thatsupervisionbasedonnationalresolutionauthoritiesmayprovedifficult
oreffective.What’smore,thereisstillastrongandunspecifiednational
component,namelytheroleoftheEUCouncil,whichwillbeinvolvedin
bankresolutiondecision-making.Zombirtalsoraisestheveryimportant
questionoftheinsufficientsizeoftheSingleResolutionFund,whichwill
graduallybebuiltupfromMemberStatecontributionsovereightyearsand
thelackofacommonsystemofdepositguaranties.Asaresult,according
toZombirt,theentiresystemofbanksupervision,restructurisationand
resolutionis“slightlymorethanjustademonstration,withtheaimtocalm
downEuropeancitizens.”
EndreDomonkos,professoratBudapestBusinessSchool,continuesthe
topicinadifferentcontextbypresentingindetailtheHungarianposition
towardsthebankingunioninthecontextofeurozoneaccession.TheHungarian
objectionsaresimilartotheotherCEEcountriesthatarenotparticipating
inthethirdstageoftheEMU.Theseconcernsrefertoespeciallytheequal
treatmentofcountriesoutsidetheeurozoneindecision-making,home-host
relations,andthecompetitivepositionofdomesticcreditinstitutionsonthe
19
J.Zombirthasauthoredvariouspublications,includingthemostcomprehensivetextbook
inPolishonEUeconomicintegration,withaspecialemphasisontheEUsinglemarket.
See:J.Zombirt,MechanizmyrynkuwewnętrznegoUniiEuropejskiej,Difin,Warszawa,
2011.
ThePolishQuarterlyofInternationalAffairs,2014,no.3
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