Mihály Varga: it is too early to talk about joining the Eurozone
According to Finance Minister Mihály Varga, it is too early to talk about Hungary joining the Eurozone.
On Saturday, at the Tranzit festival in Tihany, the head of the ministry added in the discussion entitled “The Two-Euro Song – Consequences of Giving Up the National Currency” that “how can we restore the equilibrium position of the economy as quickly as possible” after two crises.
Fiscal policy must reduce the deficit and the debt, he stated.
He explained: there was a period of economic policy when we were able to fulfill all conditions except the exchange rate fixation, the two most recent crises confirmed that if we had the euro now, the Hungarian economy would have to take much less risk.
He said that the introduction of the euro would also have several advantages from a political point of view. He pointed out that according to the Eurobarometer survey in January of this year, 72 percent of the Hungarian population sympathizes with the introduction of the euro, since everyone wants stability.
He mentioned the abandonment of an independent monetary policy as a disadvantage of the common currency and the fact that the ECB makes its decisions primarily based on the criteria of the core countries, the French, German, Dutch, and Italian criteria, and Hungary may end up on the periphery.
Gyula Pleschinger, member of the Monetary Council of the Hungarian National Bank (MNB), another participant in the conversation, added to this: we are now very far from joining the euro zone, because we cannot even meet the Maastricht criteria.
Related news
Assets under management of responsible funds have quadrupled in one year
According to the recently published data of the Hungarian National…
Read more >Eurozone retail sales rise in April
Retail sales in the eurozone and the European Union increased…
Read more >Producer prices in the euro area and the European Union decreased month-on-month and increased year-on-year in April
Producer prices in the eurozone and the European Union (EU)…
Read more >Related news
Promotions, prices, alternatives – promotions and Hungarian households
Tünde Turcsán, managing director of YouGov spoke about how Hungarian…
Read more >The “Pass it Back, Brother!” spring 2025 campaign has ended successfully!
This year marks the seventh year of the ‘Pass Back,…
Read more >K&H: investors will receive a missing compass
The K&H Securities – Investor Sentiment Index has been launched,…
Read more >