WSJ:Solving Euro-Zone Crisis To Take Time -Hungary Economy Minister
BUDAPEST (Dow Jones)--Members of the euro zone will surely solve the ongoing crisis, but it has to be accepted that the process won't be fast, Hungarian Economy Minister Gyorgy Matolcsy said Monday.
Matolcsy noted that the ongoing crisis is because the common currency was designed for "times of peace," and the euro zone is lacking in several areas that could facilitate solving the current issues.
Matolcsy said the euro zone lacks fiscal unity, crisis management mechanisms, as well as clearly defined rules of exit.
He said the main challenges are political and growth related.
The minister stressed the need for economic growth, because that is the key to enhance competitiveness and create new jobs.
-By Veronika Gulyas, Dow Jones Newswires; +36-20-433-2074; veronika.gulyas@dowjones.com