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The single currency might experience some weakness in the following days. This was after Hungary’s pick for the European Commission was rejected. The MEPs said that Hungary’s commissioner-designate is unable to exercise his or her functions in accordance with the Treaties and the Code of Conduct. Political analysts and investors breathe some hope in the recent weeks following the visit by the European Commission president-elect Ursula von der Leyen. She was able to convince the V4 nations to get back to the European Union. This was evident in the recent comments by Hungarian Prime Minister Viktor Orban. He said that Hungary will not leave the European Union. Aside from this, tensions are rising between Hungary and France. French President Emmanuel Macron is blocking the accession of Montenegro and Serbia to the bloc. Hungary commissioner-designate will be given the EU Enlargement portfolio.
The division in the European Union on how to handle Russia is causing some pain in the euro. Following the narrowing relationship between the U.S. and the EU, the bloc is trying to soften its relationship with Russia. French President Emmanuel Macron recently held a meeting with Russian President Vladimir Putin during the G7 Summit. Reports said that he is seeking to clarify the bloc’s relationship with the Russian Federation. This is the only way for the bloc to prevent making Russia an enemy. This was amid the withdrawal of American and Russia from the 1987 nuclear pact treaty, the INF (Intermediate-range Nuclear Forces). During the Cold War, Europe became a battleground between two (2) nuclear-armed countries, the United States and Russia. Now, France and Germany are seeking to end conflict with Russia in Ukraine, an EU applicant. In 2014, Russia annexed Crimea, a Ukrainian territory in the east.
The euro will continue to be dragged by speculations that Von der Leyen largely compromise the bloc to bring the V4 back. European Commission President Ursula von der Leyen prioritized visiting the Visegrad group to tame the eastern bloc. The European Union faced some challenges with the rise of nationalism and populism with the former Soviet satellite states in the recent years. She appointed the V4 nations to high positions in the European Commission as allegations of the Germano-Franco leadership abusing its leadership power pushes the eastern bloc. Hungary was rejected by the Members of the European Parliament, while Poland’s commissioner-designate was reprieved. Janusz Wojciechowski will be getting the Agriculture and Multimedia Center portfolio if approved by the European Parliament. This is seen as a win for Poland, who’s ruling party, the Law and Justice Party (PiS), won another 4-year term.
The Swedish Krona will be slapped with the Germano-Franco leadership benefiting from the country’s “Green Europe” initiative. The European Union is turning “greener” with green parties winning in the national elections across the bloc. In the recent weeks, Swedish teen activist Greta Thunberg was the headline of several newspapers and other information outlets. She lambasted developed economies who focused on their economy rather than the well-being of its constituents. During the United Nations Climate Action Summit, she served as guest speaker. Her speech revolves towards calling world leaders to commit on their promises to protect the environment. On the other hand, it somehow benefited Sweden as well with the country’s increase participation among major global issues. Recently. The country cautioned the European Union with the growing Russia-China ties.