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EU commissioner says Hungary could join euro zone in 2010

European Economic and Monetary Commissioner Joaquin Almunia said on Friday that he still sees a chance for Hungary to develop a strategy to join the euro zone in 2010 without hindering its growth, social-welfare and environmental targets. Addressing a Brussels conference organised by the Confederation of Hungarian Employers and Industrialists and the independent institute for economic analysis ICEG, Almunia added, however, that in the absence of a marked economic policy shift the budgetary situation would continue to deteriorate. In the light of the European Commission's projection on
Hungary's macro-economic situation published on Thursday, Almunia said that the country has fine prospects for properly structured growth, a low rate of inflation and a favourable labour market situation but its public finances are in bad shape.