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Róna, Péter
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2 articles of this author have been cited in the European Press Review so far.
The dangers of introducing the euro
With an eye to the crisis in Greece, economist Péter Róna warns in the left-liberal daily Népszabadság against a hasty introduction of the euro in Hungary: "In 1992 Columbia University professor Peter Kenen pointed out the following: The bigger the development discrepancies between EU member states, the greater the asymmetric shock in the more backward states of the Union. Before the introduction of the euro economists envisaged two possibilities for guarding against the problems resulting from such an asymmetric shock. Firstly: by ensuring that the level of development and internal structure of the member states is so similar that the shock will affect all members in a similar way. Secondly: either by having the member states concentrate their fiscal resources to help the countries that run into trouble in the event of an asymmetric shock, or by having the fiscal system react to events with automatic stabilisers. Unfortunately the founders of the euro built neither one of these possibilities into the system. ... Consequently decision makers would do well to think twice before rushing to join the Eurozone."
» full article (external link, Hungarian)
More from the press review on the subject » EU Policy, » Greece, » Hungary, » Europe
China's economy and the crisis
China is dead set on catching up with the Western industrial nations, even if that means endangering the global economy, writes the Sunday paper Vasárnapi Hírek: "In reviewing the reasons that led up to the outbreak of the global economic crisis, we must stress the trade balance between the US and China. Here above all China's gigantic trade surplus is striking. ... This imbalance has resulted in a series of financial policy aberrations, and done much to increase the indebtedness of the United States. The Chinese have ... taken to heart the well-tried position according to which on the one hand fiscal discipline, and on the other an artificially devalued currency are necessary to quickly catch up with the Western industrial nations."
» full article (external link, Hungarian)
More from the press review on the subject » International Relations, » Fiscal Policy, » U.S., » China
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