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Hungary in no hurry to adopt euro

Hungary is no hurry to join the eurozone, National Economy Minister György Matolcsy told foreign journalists in Budapest, Reuters reported.

“We are not in a hurry,” Matolcsy told a news conference. “We'd like to generate GDP growth, economic growth. And we'd like to create 1m more jobs in the Hungarian economy. All these successes might result in Hungary joining the euro. But not before,” he added.

Hungary will keep its budget deficit under 3% of GDP every year until 2015, he said. Hungary wants to emulate Poland's constitutional debt limits when it drafts a new constitution this year, he added.

“There is a rule in the Polish constitution, when the public debt level of GDP reaches 55%, there are measures, very strong measures to be introduced to lower the deficit,” Matolcsy said. “We will have similar measures in the new Hungarian constitution.” (MTI – Econews)