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Hungary has to do its homework before adopting euro, says PM

Hungary has to do its homework before it can adopt the euro, Prime Minister Gordon Bajnai said in an interview published in Czech daily Hospodarske Noviny.

“We're interested in adopting the common currency, but first have to do our homework to make Hungary competitive. Otherwise, adopting the euro could mean long-term stagnation,” Bajnai told the paper. “That is why it is not worth it to decide on a date for introducing the euro right now,” he added.

Bajnai said that Hungary's economy would contract by 6% or somewhat more than 6%. “The starting point for all of our estimates is that we must keep the budget deficit under close watch,” he added.

Bajnai said his government's program aims not only to reduce expenditures, but to lay the foundation for sustainable growth. (MTI – Econews)