Hungary about its intention to join the euro area

Given that autonomous monetary policy also helped overcome the crisis, Hungary does not intend to join the fixed exchange rate regime at this point; it will be its own choice when when the time is right, the ministry told the paper.

It added that it is a huge step forward that Hungary meets the criteria for Eurozone accession.

At the same time, adopting the euro could become timely when the economic development of Hungary is close to the average of euro area countries, i.e. when there is actual convergence

, the ministry said.

Hungary’s GDP per capita was 67% of the EU average last year, this should be raised in order to make euro adoption a realistic option.

The ministry warned that joining the euro area without having a similar real economic performance to that of the Eurozone, we would lose on the accession, just like certain Mediterranean countries.

“On the other hand, considering the difficulties and internal problems that surfaced in the euro area over the last few years, the euro area also needs to renew, stabilise and also regain its previous attractiveness," the ministry added.

Front page photo by Jacques Demarthon/AFP

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• economy,
• euro adoption,
• euro area,
• eurozone