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EndreDomonkos
Hungary’sPerspectiveontheBankingUnionandRemarks
onthePossibilityofEurozoneAccession.......................37
TheobjectiveofthisessayistoanalysethepositionoftheHungarian
governmenttowardsthebankingunion.Inordertobetterunderstandthe
officialstandpointofthecabinet,itisnecessarytomakeabriefoverview
relatedtothepossibleintroductionoftheeuroinHungary.Asfarasthe
country’spreparednessfortheadoptionoftheeuroisconcerned,several
internalfactors(fulfilmentoftheMaastrichtconvergencecriteria,pursuance
ofcredibleandresponsibleeconomicpolicythatpromotesustainable
economicgrowthandmacroeconomicstability,etc.)andexternalones
(thestructuralproblemsofsomeeurozonecountriesandtheextendedand
modifiedrulesoftheStabilityandGrowthPactandtheEuroPlusPact)
havetobetakenintoaccountifaresponsibledecisionaboutaccessiontothe
eurozoneistobetaken.Onlywithwideconsensusbetweentheparticipants
inthecountry’seconomyandsocietyandconsidered,balancedeconomic
policycanHungaryreapthepossiblebenefitsoftheadoptionofthecommon
currency.
OlivérKovács
ASystemicNarrativeofHungarianEurozoneAccession...........49
Againstthisbackground,Hungarymustalsopursuesuchanapproach,if
fornootherreasonthanitssocio-economicdevelopmenthasbeenshowing
certainsignsofdeterioration,andwhatismore,realconvergencetotheEU
averageseemstobestuck.Sincesomesortofagonyhasbeencastupon
Hungary,itmustbenotedthispaperdoesnotintendtobeexhaustivein
decipheringthereasonswhyHungarycouldcontinuetolagbytheendofthe
2000sdespiteitsleadingpositionintermsoftransitionintheearlynineties.
Instead,thepaperpurportstoillustratewhyamoresystemicapproachis
neededwhenitcomestoconsideringHungary’seurozoneaccession.This
systemicapproachlinesupwiththinkingthatemphasisesthecentralroleof
analysingnotonlythepartsofsuchthingsasalivingsocio-economicsystem
butalsotherelationshipsamongtherelevantparts(i.e.,publicandprivate
sector)andthepatternsthatevolveovertime.Thisperserequiresabroader
perspective.
JozefStískala
TARGET2andtheRisksfortheNationalBankofSlovakia........69
TheobjectiveofthispaperistoclarifytherealimpactoftheTARGET2
imbalancesthatemergedfortheeurozoneasawholeandrevealits
consequencesfortheNationalBankofSlovakia.Themainaimofthisstudyis
totrytofinallyclosethediscussionamongwell-knownEuropeaneconomists
abouttherealeffectsofdisproportionalflowsoffunds(incentralbankmoney)
betweeneurozonestates.Opinionsonthisissuehavebeenamendedafew
timesandweshouldfirstmakeclearwhetherrisingTARGETbalancesare
accompaniedbyincreasingriskforthestabilityofthemonetaryunion.We
understandthetermHrisk”tomeantheprospectofloss.Afterintroductory
remarksonthefundamentalsofpaymentsettlementviaacorrespondent
bankandviaapaymentsystem,wewillreviewtheconclusionsofspecialists
discussingtheproblemofpayments.Thesediverseoutcomesalsomotivated
