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Still 'Early' for Euro Adoption, FinMin Says

EU

Mihály Varga on stage at the Tranzit Festival.

Photo by MTI/Noémi Bruzák

Finance Minister Mihály Varga said it was still "early" to start speaking about Hungary's eurozone accession at a talk with a central bank rate-setter at the Tranzit festival in Tihany on Saturday, state news wire MTI reports.

Varga acknowledged that adopting the single currency would reduce risks for the Hungarian economy and would also be politically advantageous, noting 72% support public support for joining the eurozone, but he also pointed out the disadvantage of giving up the country's independent monetary policy and ending up "on the periphery" of the European Central Bank's field of vision as its policy decisions focus on core countries such as France, Germany, the Netherlands, and Italy.

Gyula Pleschinger, a member of the Monetary Council of the National Bank of Hungary (MNB) said Hungary was now "very remote" from eurozone accession as the country couldn't meet the Maastricht criteria.

According to the central bank's official estimate, Hungary could adopt the euro sometime in the 2030s, he added.

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