The Hungarian Eurolessness - From Eulogy to Neutrality and Beyond

Hungary was thought to become a part and parcel member of the European Union and then that of the Economic and Monetary Union by building on the grounding conditions established along the years after the regime change. As is often the case, expectations and reality did not converge satisfactorily to each other since the country is now featured with eurolessness. This chapter dispels the fog surrounding the issue of ‘why out of the Eurozone’ in case of Hungary by deciphering the major trends and causes of such path without neglecting influential global phenomena. To this end, the chapter reveals how Hungary turned first from eulogy to neutrality, and then has gone even beyond by incorporating the impact of global runaway phenomenon being mirrored in the Hungarian development path as well. In addition, based on our line of thinking, the chapter also conveys some lessons both for economics theory and economic governance alike