“The introduction of the euro may only become a timely matter if Hungary’s level of economic development approaches the average of euro zone countries’, that is, if there is genuine convergence.

Otherwise, Hungary could be the loser of accession [to the euro zone] – similar to some Mediterranean countries,” Tállai wrote, on behalf of Economy Minister Mihály Varga, to independent MP Márta Demeter.

“For the time being, Hungary does not wish to enter the European Exchange Rate Mechanism,” he said, referring to the “waiting room” EU members enter before adopting the euro.

He noted that Hungary meets all of the Maastricht criteria for adopting the euro, with a single exception.

Tállai added that the euro zone “must be renewed, stabilised and its earlier attraction restored, in light of the difficulties and internal problems which have surfaced in the past years”.

Republished with permission of Hungary Matters, MTI’s daily newsletter.