The President of the Hungarian National Bank, György Matolcsy has called on EU Economics and Monetary Affairs Commissioner Olli Rehn to resign because, according to Mr. Matolcsy, Mr. Rehn has personal responsibility for the failed crisis management in the European Union.
Mr. Matolcsy used to be the Minister of Economy in the Orban government before he was appointed HNB president and the economic policies, which now seem to start bearing fruits for Hungary (see related articles), were mostly his brainchildren, together with the highly successful Lending for Growth program launched by HNB under his premiership.
But does Mr. Rehn really have any reason at all to resign? Isn’t he an established, highly recognized expert on economy? To mention only one small thing, Mr. Rehn was capable of predicting the accurate figure of Hungary’s budget deficit in 2012 to an amazing degree of accuracy, merely with a 30 percent difference, last November! He said it would be 2.5% and then he almost got it exactly right: EuroStat confirmed this April that Hungary’s budget deficit was 1.9% in 2012.
- “We Would Have Gotten Away with It–If Not for Those Meddlesome Economists!” — European Commission Vice President Olli Rehn (delong.typepad.com)
- Olli Rehn’s charm offensive ahead of the economic imbalance procedure (eurointelligence.com)
- UPDATE 1-Hungary’s central banker sees more room to cut rates (xe.com)
- More signs of economic recovery (politicsinhungary.wordpress.com)
- Historic low base rate again (politicsinhungary.wordpress.com)
- The pulse of Europe: search Olli Rehn on Google News? (dralfoldman.com)
- You’ve been found out Mr Rehn. The European Commissioner has been joking all along (telegraph.co.uk)