ABSTRACT
It was expected that Hungary would become a full member of the European Union and then of the Economic and Monetary Union by building on the basic conditions established during the period after the regime change. As is often the case, expectations and reality did not converge satisfactorily since the country is now characterized by eurolessness. This chapter dispels the fog surrounding the issue for Hungary of ‘why out of the Eurozone’ by deciphering the major causes of such a path including 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 a global runaway phenomenon being mirrored in the Hungarian development path as well. In addition, the chapter also conveys some lessons both for economics theory and economic governance.
