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Fitch sees 2011 more realistic for Hungary’s euro adoption

International rating agency Fitch Ratings said on Monday that 2011 seemed a more realistic target for Hungary to adopt the euro than 2010.
Fitch said Hungary has seen a marked decline in inflation and bond yields over the past 12 months, but “fiscal targets continue to slip such that Fitch views 2011 as a more realistic euro adoption date than the government's 2010 target."
The degree of nominal convergence varies substantially across member states. For 2004/05, only the Czech Republic met four of the criteria, while Cyprus and Hungary met none of them.
“Rates in Hungary remain above the Maastricht reference rate, indicating the lack of credibility of macroeconomic policy,” the report said.