European Union

Fast forward to the 21st century Europe. Taxi drivers are the ones who are threatened by new technologies. A simple mobile app made them share the market with a whole lot of new drivers. And let’s be fair – nobody likes sharing a market with new competitors.

The Council of the European Central Bank (ECB) meets on the upcoming Thursday. Despite explicit criticism especially from Germany, no one should expect higher interest rates in the medium term.

It might sound unrealistic with Eurosceptic populism on the rise but the only way to tackle lack of Union’s efficiency, both internally and externally, is to introduce more integration and coordination. In today’s globalised world, aiming for dissolution or weakening the Union is a key geopolitical threat to stability on the continent.

Back in 2012, Mario Draghi vowed to do “everything in his power” to save the euro. Four years later that promise seems fulfilled – both the recent moves by the ECB and the market reaction that followed suggest that we are reaching the limit of what monetary policy can achieve in the euro area.

Sadly, there are many parties in Slovakia that lack a broader understanding of the topics featured on front pages of the world news. The potential conflict between Saudi Arabia and Iran, or the Scottish push for independence are issues which require a clear position, not just a series of empty phrases.

On January 1, 2016, provisional application of the Deep and Comprehensive Free Trade Area (DCFTA) with the EU started, which lowers duties on the EU goods. Import duty surcharge (at 5-10%) was cancelled. Further we try to analyse impact of these events on international trade.

The need for a CMU is clear; capital markets still remain shallow despite the European Union’s founding commitment to the free-flow of capital in the Treaty of Rome. If the green paper’s estimates are correct, 90 million additional euros would be available for business financing in the member-states if capital markets were as deep as the US.

Since the people believe in the static concept of the state, they believe it is a birthright to determine entry into this belief system. They believe the state border is the moral entity of which they are a part, and they judge newcomers accordingly.

One thing Hungarian citizens, businessmen and politicians all agree on, is that rampant corruption is one of the main problems of the country. This situation calls for the increased transparency of government institutions, and for providing easily accessible information regarding the handling of public funds.

During the last fifty years, the United States and the EU countries have developed very high, though different, consumers protection standards. A free trade agreement based on the unification of standards will be unrealistic. Ideas of functional equivalents and/or mutual recognition of national standards is the best recipe.