Hungary sets new date for euro introduction, surprisingly soon
Hungary May Meet Criteria for Euro Adoption by 2024, but Government Not Enthusiastic
Hungary could meet the Maastricht criteria for adopting the euro by the end of 2024, according to the head of the Fiscal Council, Árpád Kovács. This has raised the prospect of Hungary using the euro from 2027, which is when a two-year transition period after meeting the criteria would be completed. Kovács has been monitoring Hungary’s progress towards adopting the euro for years and believes that inflation will fall below 3% by the summer of 2024, while the state debt will be below 70% of GDP, and the state budget deficit will decrease to 2.9%. However, the Orbán cabinet is not supportive of introducing the euro, with both the government and Hungary’s national bank indicating that they see no need for the European currency. The government has frequently emphasized that it is not in Hungary’s interest to adopt the euro and the national bank has stated that Hungary does not require it under current conditions. Despite this, the idea of introducing the euro is popular with the Hungarian public, and many Hungarians living in neighboring countries already use the currency.
