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No euro ‘til 2020

Hungary and Poland may join the Eurozone as late as 2019, while the Czech Republic and Romania may have to wait until 2020 to adopt the common currency, JP Morgan said in its latest euro convergence survey.

The US investment firm said the Central European countries' date for euro adoption will heavily depend on the Eurozone’s growth cycle and a weaker-than-expected economic recovery or a double-dip recession may set back the convergence process of these countries by another three years.

In a similar survey published only two months ago JP Morgan projected 2016 and 2017 as entry dates for the four Central European countries. (BBJ)