Hungary has a high external debt due to large-scale development projects funded by the European Central Bank loans and loans from the institutions of Germany, France and other richer EU members. The BRICS is looking for countries that have one or more of these qualities at this point.
- Is a growing economy with a vision toward diversification and an independent foreign policy
- Has vast resources with a government system that may require institutional reforms to leverage but is doable
- Is from the developing part of the world and is not surrounded by potentially hostile countries
Hungary is none of these. Its foreign policy may diverge from the rest of the EU, but its fiscal policies, its economic vision and its security strategy are centred around EU and the NATO. They will be a liability to the alliance right now, despite them showing some streak of independence in Europe.
If you are looking for an independent developing European candidate, Serbia makes a fine candidate. But considering that they are landlocked, they might run the risk of being threatened and intimidated by their neighbours.
We can expand membership once we have something more to show to other prospective members. I doubt there would be anyone interested in Europe at this point since they have the EU up and running despite its flawed design.
The only achievement we have is the New Development Bank, which is also facing difficulty due to sanctions on Russia. We need that new international BRICS currency.
I am rooting for the R5 currency project. Hoping that Putin announces the framework at least this year, even if the current structuring and integration in the 10 members takes a few years.
