Euro adoption support rises sharply in Hungary

Whereas a Eurobarometer survey a year ago found that 59% of Hungarians were backing the country’s accession to the euro area, a representative research conducted by pollster Závecz Research in April 2019 found that only 38% of Hungarians are in favour of introducing the euro.

The April 2019 Eurobarometer, however, shows entirely different results for Hungary.

Across all seven countries, around half (49%) are in favour of introducing the euro, while 51% are against. There is wide variation at country level. Over six in ten are in favour of introducing the euro in Hungary (66%) and Romania (61%) but in Sweden and Czechia six in ten are against euro adoption. The percentage of Hungarians in favour of euro area membership has jumped seven percentage points since the last survey, whereas the proportion of those against it fell 4 ppts to 28% and the proportion of undecided respondents dropped 3ppts to 6%.

Around the same proportion of respondents believe that the introduction of the euro would have positive consequences for their country as think it would have negative consequences (45% vs. 47%).

Negative views outweigh positive views in all countries except Hungary (56% positive vs. 34% negative) and Romania (52% positive vs. 36% negative). In Hungary’s case, the former figure rose 5ppts and the latter dropped 4pps compared to the previous survey. The proportion of the undecided respondents edged 1ppt lower to 10%.

Despite the rising support for euro adoption in Hungary, 65% of Hungarian respondents continue to believe that the country is not ready for the euro, although this figure is eight percentage points lower than in the previous survey. The Hungarian government has also stressing not being ready, saying the country should wait until it reaches a higher level of economic development.

In the meantime, the proportion of respondents thinking Hungary is ready for euro area membership leaped by nine percentage points to 30%.

When asked when they would like to adopt the euro, 27% of all respondents in Hungary answered that as soon as possible, whereas 42% would like to wait, 17% believe the forint should be retained for as long as possible and 11% do not want euro adoption at all.

The 66% support of euro adoption in Hungary is the highest in the entire bloc. Romania is next with 61%, although in the last 12 months the proportion of Romanians in favour of the introduction of the euro declined by eight percentage points. The third highest support rate was recorded in Croatia, and it seems increasingly likely that it will be able to join the euro area as of 1 January 2023.

In the traditionally sceptical Czech Republic, only 40% of all respondents are in favour of introducing the euro, and 51% are against it in Poland and 48% in Bulgaria.

Cover photo by Mehmet Kaman/Anadolu Agency/Getty Images

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• economy,
• survey,
• euro adoption,
• euro area,
• eurobarometer