The country is not yet ready to introduce the euro

The country is not yet ready to introduce the euro
The country is not yet ready to introduce the euro

The Magyar Nemzeti Bank (MNB) is committed to the successful and safe introduction of the euro in Hungary, but according to György Matolcsy, the country is not yet ready for this. The president of the central bank, Péter Balassa, answered a written question from the Jobbik parliamentary representative on Monday. According to Matolcsy, the introduction of the common currency can be implemented in the medium term at most.

On November 3, Balassa asked the central bank governor a written question “When will the euro be introduced in our country?” with title.

He wanted answers to exactly these questions:

  • What conditions are necessary for the introduction of the euro that Hungary cannot fulfill?
  • What is the Government doing to meet the convergence criteria?
  • When does our country plan to join the euro zone?
  • Is it possible that in Romania, which also joined the EU later, the euro will be introduced earlier than in our country?

On Monday, Matolcsy gave a two-and-a-half-page answer, but with few specifics. According to the governor of the central bank, the national strategic goal of the MNB is to increase Hungary’s economic development and gradually reach the average development level of the EU.

Matolcsy also described as the MNB’s main goal that the Hungarian economy will join the Eurozone in a prepared and competitive manner.

The central bank governor categorically stated that

Currently, Hungary is not yet at the appropriate level of euro maturity.

However, he also noted that the level of development necessary for the safe and successful introduction of the euro can be achieved in the medium term with an appropriate economic policy. By the way, this level of development represents 90 percent of the average level of development in the EU.


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