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15th December, 2017

Hungary not ready for euro, Lázár says

Hungary is not ready to adopt the euro, Prime Minister’s Office head János Lázár told reporters on Thursday.

The country would be prepared for the common European currency should the real economic conditions be in place for it, he added. Those have yet to be met, he said.

Hungary has showed progress in recent years as for meeting the Maastricht criteria, which is necessary to join the euro zone. The budget deficit is below the EU limit, inflation is low, government bond yields are falling and state debt is on a downward path.

Some opposition parties have raised the issue of timely euro adoption. Former MNB governor György Surányi said recently that introducing the euro would help strengthen the rule of law and EU values in Hungary.

European Commission President Jean-Claude Juncker warned on Thursday that with the exception of two member countries, the adoption of the euro is a binding legal duty for all EU member states, right after they meet the Maastricht criteria.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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