Government officials: No rush to adopt the euro

Analysis

After ten years as a member of the European Union, Hungary is still in no hurry to adopt the euro as it is enjoying the "advantages" of being outside the 18-country group, government and stock exchange officials told television station CNBC.

A move to the single currency is no longer of "immediate interest", international spokesperson for the government, Zoltán Kovács told CNBC, adding that “the economy, the structures that we are running need to be up to a standard that would make it beneficial for the country to join".

Hungary’s debt-to-GDP ratio is “still significantly higher than the 60% required by the EU to join the euro zone”, CNBC explained. Joining the euro zone would have little effect on outside investment in Hungary, Budapest Stock Exchange CEO Zsolt Katona told CNBC, adding that the lack of the single currency is currently not considered a "burden".

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