Almunia credits Hungary's efforts to cut deficit
The currency is rising as the government's credibility increases by abandoning a target date the market had already questioned. A survey of 14 economists by Bloomberg this month said the date may have to be pushed back to 2013. The euro-adoption plan should be “a program that is transparent and enhances the credibility of the Hungarian budgetary and structural reform process,” EU Monetary Almunia said in a July 25 e-mail statement. Estonia and Latvia, both former Soviet Baltic states, gave up their plans to adopt the euro this and next year because of accelerating inflation. Neighboring Lithuania's application to join the euro region was rejected because it also failed to curb an increase in consumer prices. (Figyelő, Bloomberg)
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