Drastic reforms needed for introduction of euro in 2010, Járai says
Monday, August 15, 2005, 00:00
Hungary might be able to introduce the euro in 2010, but ?it will require some drastic reforms,? National Bank of Hungary (MNB) President Zsigmond Járai said Thursday evening on public radio. Járai said the national budget had to be revamped, and Ft 600 billion had to be cut, according to specialists at the bank, which means the budget needs the kind of shake-up ?of which there are absolutely no signs.? Hungary has to cut its deficit to below 3% of its GDP by 2008 to meet 2010 eurozone entry criteria, and it has overshot its deficit targets for the past three years.