Hungary Aiming for 2030 to Adopt Euro

  • 8 Jun 2023 5:44 AM
Hungary Aiming for 2030 to Adopt Euro
According to a report by, György Matolcsy, the head of the Hungarian National Bank, stated that Hungary has a clear obligation to adopt the euro.

However, he emphasized that the decision to adopt the euro would be a joint one made by the Hungarian government and the European Commission.

Matolcsy mentioned that 20 countries have already adopted the euro, and Hungary should eventually follow suit.

Matolcsy expressed the view that Hungary should be ready for the euro when it reaches approximately 90 percent of the average level of development within the European Union.

He estimated that this milestone could be achieved by 2030.

He argued that introducing the euro before reaching this level of development would be irresponsible, citing the examples of Slovakia and Greece, which entered the eurozone unprepared and experienced negative consequences.

Earlier estimates by Árpád Kovács, the President of the Fiscal Council, suggested that Hungary could adopt the euro as early as 2024, but Matolcsy deemed this timeline too optimistic.

In the meantime, Matolcsy highlighted the importance of utilizing the Hungarian central bank's flexibility, mentioning that it was successfully used during the risky and challenging period of the Covid-19 crisis.

He noted that the bank made more than 11,000 billion forints available to the Hungarian economy, resulting in an additional 10 percent economic growth.

Matolcsy stressed that such actions would not have been possible as a eurozone member, underscoring the need for the instruments and resources of an independent and highly flexible national central bank until Hungary reaches a level of development comparable to other eurozone countries.

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