Varga cools his tone on idea of Hungary adopting the euro

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Just a few days after Hungary’s National Economy Minister Mihály Varga projected the possible adoption of the euro in Hungary by the end of the decade, the minister seemed shift his tone on the issue, saying that there is no need to hurry to adopt the euro, in an interview with a local radio station in Baile Tusnad, Romania today.

Varga gives a lecture yesterday in the framework of a free university event in Baile Tusnad, Romania. (Photo: MTI/Zoltán Máthé)

Unless the level of development of the countryʼs economy reaches the European average, the move could be detrimental, he said, according to Hungarian news agency MTI. “We can have the euro, but we wonʼt for the time being”, the minister reportedly said.

The minister said that the eurozone has gone through numerous difficulties in the past years and the adoption does not seem to be “overly attractive” at this time.

According to Varga, if Hungary were to join prematurely, it could end up like “certain Mediterranean countries, which due to their lack of competitiveness were unable to make use of the opportunities of euro-zone membership.”

Varga said in the beginning of the week in an interview with Magyar Hírlap that Hungary could adopt the euro as its currency around the end of the decade, though only if economic trends continue to improve and the common currency gains more stability.

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