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Járai says 2013 euro forecast unrealistic

The market is too optimistic in expecting Hungary to adopt the euro in 2013, National Bank of Hungary (MNB) president Zsigmond Járai told a conference marking the 60th anniversary of the introduction of the forint.

Járai said that the government's austerity measures, designed to bring the budget deficit under control, would dent the country's competitiveness, impede growth and stoke inflation. “The current course of the economy does not lead to the adoption of the euro in 2013,” he said, adding that fiscal reforms were the only way to ensure Hungary's path towards the euro.
The government recently abandoned its 2010 target date to join the single currency and analysts say that 2013 is the most realistic alternative.