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Gyurcsány puts euro accession between 2010 and 2014

Hungarian Prime Minister Ferenc Gyurcsány said on Thursday that a roadmap for introducing the euro would be completed by the end of 2008, with the country on track to adopt the common EU currency between 2010 and 2014.

"The execution of our (EU) convergence program will make it possible for Hungary to adopt the euro between 2010 and 2014," Gyurcsány said at a 'Path to the Euro' conference, organized by the finance ministry and the Hungarian Central Bank (MNB) in Parliament on Thursday. As to exactly when the introduction of the euro could take place within this window, Gyurcsány said that is a question that will have to be determined later, following an overarching social policy agreement regarding wage and development policy, which will determine the country's macroeconomic path in the years to come. He announced that the government and MNB will work out a joint program for euro introduction by the end of 2008.

The prime minister also said that while budget developments have been positive so far this year, there is still much to do to restore confidence in the Hungarian economy. "We can already see the light at the end of the tunnel (... but) the end of the road is still far ahead. Some new measures are needed, certain conditions necessary for sustaining balances on the long term are missing," said Gyurcsány. Therefore, the government is working on several proposals which will be finalized in the coming months, aimed at tightening controls over budget planning and execution, as well instituting longer-term safeguards against upward spirals in spending that have happened in each of the election years over the past decades. (, interfax)