Euro's Allure Dims in Eastern Europe

2011. december 08. 09:51

Governments from Hungary to Bulgaria that once clamored to join the euro club are putting plans on hold and reassessing the costs and benefits of something that used to seem inevitable.

2011. december 08. 09:51
Gordon Fairclough

„A critical new effort to shore up the euro zone is under way this week. European leaders at a Brussels summit that starts Thursday are expected to consider a French-German proposal for all EU states, whether they use the euro or not, to accept tighter restrictions on national budgets and debt. If such a change to the treaty that governs the EU seems out of reach, a fallback plan calls for greater enforcement of fiscal discipline among the 17 nations that use the euro as well as any non-euro nations that want to sign up.


It isn't clear how the former socialist states of »the New Europe« would take to additional EU limits on their spending authority. In a statement Wednesday, Czech Prime Minister Petr Necas said that he supports more »fiscal and macroeconomic discipline,« but that any rule changes should apply »primarily« to members of the euro zone. Polish government spokesman Pawel Gras said the joint proposal by German Chancellor Angela Merkel and French President Nicolas Sarkozy is »going in a good direction.«

Political leaders in Warsaw say they want to join the euro zone eventually. And they have cited stricter fiscal rules as something that could make joining more attractive, by lessening the risk of future debt crises. Yet ceding power to outsiders could be a hard sell for nations such as Poland that regained real sovereignty only 20 years ago, after decades as Soviet satellites.”

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