ADVERTISEMENT

Hungary may adopt euro sooner than govʼt would like

History

Hungary may adopt the euro sooner than its government is willing to admit. This is unavoidable, if Hungary wants to be part of deeper European integration, OTP Bank chairman and CEO Sándor Csányi has said.

In an interview with Bloomberg, OTP head Csányi said that, although Hungary is meeting the accession criteria, it is unwilling to set a target date for adopting the euro.

“At the end of the day, Hungary will join the euro zone and we’ll go together” with those pushing for deeper integration, Csányi said. “But I’m sure we’ll enter at the latest stage possible,” he added.

Bloomberg recalled a statement made by French President Emmanuel Macron, who said that discussions on the future of the EU should include a common budget and single finance minister for the euro area. This could accelerate Hungary’s preparations for the accession to the euro zone.

However, the Ministry for National Economy stated in a response to Bloomberg that" "Euro adoption will be timely once Hungary’s economic development nears the euro area average. Otherwise the country could lose out with accession just as some of the Mediterranean countries did.”

Another issue frequently voiced by the Hungarian government is state sovereignty. Csányi said concerns over sovereignty would fall to the wayside if euro-area countries push on with integration, the only viable way ahead for the EU. “No country will be forced to give up 100% of its sovereignty,” Csányi added.

ADVERTISEMENT

Average age of coronavirus patients declining Analysis

Average age of coronavirus patients declining

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.