Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-137-000"
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"en.20121023.5.2-137-000"2
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"The countries belonging to the eurozone have committed to ensuring that a future dedicated eurozone budget would not be detrimental to the budget of the 27, but the grounds for having an independent eurozone budget have been recognised. As far as banks in countries outside the eurozone are concerned, the possibility of joining the banking union and applying community regulations is a given, but they will not be able to share in the resources of the planned bank rescue fund. Meanwhile, the countries of the eurozone will be able to offer financial support on a contractual basis to less competitive members for the purpose of structural reforms, while this possibility is not available to countries outside the eurozone. It is becoming increasingly clear that the rules of the common market are being shaped according to the demands of the eurozone, quite simply because the countries outside the eurozone are in the minority (EU17-EU10). Participation in deepening integration is vital to the interests of small, open economies such as Hungary that are stuck outside the eurozone. Being stuck on the outside will mean a steady decline in their ability to service national debt and attract vital capital into the country to ensure a functioning banking system, finance development and enhance competitiveness. It is high time that Mr Orbán’s Government abandoned its freedom-fighter economic policy, which runs directly counter to the European mainstream. It is a policy that will mean the ruin of the Hungarian economy and leave the country lagging behind in the long term."@en1
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