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Was Orbán proven right by the EU pact?

February 2nd, 2012

According to a pro-government commentator, the agreement reached at the European summit on Monday proves that Prime Minister Orbán was right not to rush to join the Merkel-Sarkozy pact in its original form in December.

“Those who scorned Vikor Orbán for not hailing fiscal federalism in December, must now be bewildered,” writes Anna Szabó in Magyar Nemzet.

As BudaPost reported at the time, Mr Orbán said he would need the approval of Parliament before signing such a document. He also remarked that it was unclear whether the obligations contained in the draft concerned those signatories which do not belong to the Eurozone.  (Budapost, December 12,13, and 14, 2011)

The new draft approved this time, Szabó continues, satisfies Hungary’s concerns, for it does not compel the signatories to harmonise their tax systems and makes clear that the obligations are only valid for Eurozone countries. In addition, prospective Eurozone countries will also have access to the regular Eurozone meetings.

Szabó thinks the 24 signatories have taken courageous decisions, but fears that they will not suffice to stop the spreading financial crisis.

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