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EUROPEAN UNION

‘I don’t want EU led by France’: Hungary PM

Hungarian Prime Minister Viktor Orban has said in an interview he did "not want a European Union led by France", adding that May 2019 elections to the European Parliament would be "decisive".

'I don't want EU led by France': Hungary PM
Hungary's Prime Minister Viktor Orban (L) next to Germany's Chancellor Angela Merkel and France's President Emmanuel Macron. Photo: AFP

“We have never been faced with such a decisive election,” Orban told the German Bild newspaper in comments published online.

“The Germans should above all be vigilant. There is a French concept, which fundamentally means: French leadership of Europe, paid for by German money,” he said, without mentioning French President Emmanuel Macron by name.

“This is something I reject. We do not want a European Union under French leadership… The Europeans must be heard and we must wait for the European elections before taking some important decisions” on matters such as immigration and the budget, he added.

Orban won a third consecutive term in April on a fiercely anti-migration platform and his government has repeatedly clashed with the European Commission, the EU’s executive arm, especially since the migration crisis erupted in 2015.

(L-R)Hungary's Prime minister Viktor Orban, France's President Emmanuel Macron and Lithuania's President Dalia Grybauskaite. Photo:AFP 

The EU is currently intensifying legal action against Hungary in a bid to make it comply with EU asylum rules, amid broader fears that Hungary, Poland and other eastern countries from the former Soviet-bloc are turning away from the values on which the EU is built.

Orban regularly accuses German Chancellor Angela Merkel of having encouraged the 2015 influx of migrants by declaring them welcome.

Hungary announced last week that it was withdrawing from a UN pact on migration, saying that the global deal encourages movements of people which are “dangerous for the world.”

The US is also not party to the pact.

Orban also said in Montenegro earlier this week that Hungary was ready to help the small eastern European country “defend its territory” against migrants.

“Europe continues to make serious mistakes. (It) does not want to understand and acknowledge that it needs to refrain from moves that may be interpreted as an invitation in Africa or the Middle East… That is why people drown in the sea and remain jammed on migration routes,” he said. 

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EUROPEAN UNION

The Euro celebrates its 20th anniversary

The euro on Saturday marked 20 years since people began to use the single European currency, overcoming initial doubts, price concerns and a debt crisis to spread across the region.

The Euro celebrates its 20th anniversary
The Euro is projected onto the walls of the European Central Bank in Brussels. Photo: Daniel Rolund/AFP

European Commission chief Ursula von der Leyen called the euro “a true symbol for the strength of Europe” while European Central Bank President Christine Lagarde described it as “a beacon of stability and solidity around the world”.

Euro banknotes and coins came into circulation in 12 countries on January 1, 2002, greeted by a mix of enthusiasm and scepticism from citizens who had to trade in their Deutsche marks, French francs, pesetas and liras.

The euro is now used by 340 million people in 19 nations, from Ireland to Germany to Slovakia. Bulgaria, Croatia and Romania are next in line to join the eurozone — though people are divided over the benefits of abandoning their national currencies.

European Council President Charles Michel argued it was necessary to leverage the euro to back up the EU’s goals of fighting climate change and leading on digital innovation. He added that it was “vital” work on a banking union and a capital markets
union be completed.

The idea of creating the euro first emerged in the 1970s as a way to deepen European integration, make trade simpler between member nations and give the continent a currency to compete with the mighty US dollar.

Officials credit the euro with helping Europe avoid economic catastrophe during the coronavirus pandemic.

“Clearly, Europe and the euro have become inseparable,” Lagarde wrote in a blog post. “For young Europeans… it must be almost impossible to imagine Europe without it.”

In the euro’s initial days, consumers were concerned it caused prices to rise as countries converted to the new currency. Though some products — such as coffee at cafes — slightly increased as businesses rounded up their conversions, official statistics have shown that the euro has brought more stable inflation.

Dearer goods have not increased in price, and even dropped in some cases. Nevertheless, the belief that the euro has made everything more expensive persists.

New look

The red, blue and orange banknotes were designed to look the same everywhere, with illustrations of generic Gothic, Romanesque and Renaissance architecture to ensure no country was represented over the others.

In December, the ECB said the bills were ready for a makeover, announcing a design and consultation process with help from the public. A decision is expected in 2024.

“After 20 years, it’s time to review the look of our banknotes to make them more relatable to Europeans of all ages and backgrounds,” Lagarde said.

Euro banknotes are “here to stay”, she said, although the ECB is also considering creating a digital euro in step with other central banks around the globe.

While the dollar still reigns supreme across the globe, the euro is now the world’s second most-used currency, accounting for 20 percent of global foreign exchange reserves compared to 60 percent for the US greenback.

Von der Leyen, in a video statement, said: “We are the biggest player in the world trade and nearly half of this trade takes place in euros.”

‘Valuable lessons’

The eurozone faced an existential threat a decade ago when it was rocked by a debt crisis that began in Greece and spread to other countries. Greece, Ireland, Portugal, Spain and Cyprus were saved through bailouts in return for austerity measures, and the euro stepped back from the brink.

Members of the Eurogroup of finance ministers said in a joint article they learned “valuable lessons” from that experience that enabled their euro-using nations to swiftly respond to fall-out from the coronavirus pandemic.

As the Covid crisis savaged economies, EU countries rolled out huge stimulus programmes while the ECB deployed a huge bond-buying scheme to keep borrowing costs low.

Yanis Varoufakis, now leader of the DiEM 25 party who resigned as Greek finance minister during the debt crisis, remains a sharp critic of the euro. Varoufakis told the Democracy in Europe Movement 25 website that the euro may seem to make sense in calm periods because borrowing costs are lower and there are no exchange rates.

But retaining a nation’s currency is like “automobile assurance,” he said, as people do not know its value until there is a road accident. In fact, he charged, the euro increases the risk of having an accident.

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