The question of when the Euro will be introduced in Hungary has been asked since the country joined the European Union. At the beginning of the week, the National Bank of Hungary reported in a brand-new study the conditions needed to introduce the currency.
Portfólió reported that there are several points in the report regarding this matter. If these are taken seriously, Hungary would not have the opportunity to introduce the Euro as these factors serve as drawbacks to our economy. According to many experts, to keep Hungary’s development and make sure it reaches the same level as highly-developed countries, a well-developed Eurozone needs to be introduced in the country as soon as possible.
György Matolcsy, the director of the Central Bank of Hungary, emphasised that by joining the European Union, Hungary also took on the responsibility to introduce its currency in the country as soon as possible. Matolcsy added that the introduction is not the finish line for the country but the start for a more efficient and quicker economic development for the nation. Read also Central bank governor Matolcsy calls for euro zone reform at Lámfalussy Lectures Furthermore, Matolcsy made it clear that despite not being a member of the Eurozone, Hungary intends to keep the need to join it later.
Since 2010, the current government with the presidentship of Viktor Orbán has not had an exact program of how to introduce the currency in Hungary. At the beginning of January, Orbán stated that introducing the Euro in Hungary would have fatal consequences as it would increase the prices in the country. At the moment, Hungary has completed three necessary factors to join the Eurozone out of five.
These are Euro convergence criteria, acceptable budget, and enough government budget. Regardless of completing the missing factors, the Euro would not be introduced in Hungary until 2025, which makes it the most problematic question for the government and the National Bank.
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