Hungarian National Bank: When will Hungary finally join the Eurozone?

The question of joining the euro area has divided Hungarian politicians and economic experts for years. While many EU countries have already adopted the single currency, Hungary has remained committed to the forint.

The Vice-President of the Hungarian National Bank (MNB), Barnabás Virág, stated in an interview that the introduction of the euro is not only a financial issue, but also a strategic decision that requires a significant increase in economic development, as Index reported. According to the central bank’s calculations, Hungary’s GDP would have to reach 90 percent of the EU average to avoid problems with the single currency. Sadly, the country is still far from that level.

The central bank’s VP argues that discussions about adopting the euro tend to arise when the forint’s exchange rate fluctuates. However, he warns that a rushed decision could lead to long-term economic challenges. Therefore, Hungary’s main priority is to reinforce economic stability and competitiveness before considering such a move.

Hungarian government vs. opposition on euro introduction plans

Hungarian Prime Minister Viktor Orbán is firmly against the introduction of the euro in the current economic situation. In a speech at the Lamfalussy Conference organised by the Hungarian National Bank, he warned that the benefits of the single currency would mainly accrue to the economically stronger countries, while less developed countries could be at a competitive disadvantage.

In his speech, he quoted Sándor Lámfalussy, one of the intellectual fathers of the euro, as saying that the euro area could only be truly successful if it had a common fiscal policy, but that this was still not in place. According to Euronews, Orbán said that if Hungary joined unprepared, it would do more harm than good to the economy. The Prime Minister added that the current economic environment in the EU was not favourable for catching-up countries and that the focus should be on solving competitiveness problems rather than on adopting the euro.

Péter Magyar, President of the Tisza Party, on the other hand, is strongly in favour of the early introduction of the euro. In an interview with Bloomberg, he said that if he came to government in 2026, he would first ensure the repatriation of EU funds and then prepare for the introduction of the euro after a stable forint exchange rate is established.

Magyar argued that the current government’s mismanagement, wasteful fiscal policies, and corruption have eroded investor confidence, weakening the forint and fueling economic uncertainty. According to Index, Péter Magyar believes that by implementing a more transparent economic strategy and restoring international trust, Hungary could create the conditions necessary for euro adoption, bringing much-needed stability to businesses and citizens alike.

As an example, he highlighted Poland, where frozen EU funds were swiftly unlocked after Donald Tusk took office. Magyar promises that a similar approach in Hungary could pave the way for a more stable economic environment, ultimately facilitating the introduction of the common currency.

The debate between the Orbán government and the opposition led by Péter Magyar illustrates the two different economic visions. While Orbán stresses economic catch-up and caution, Péter Magyar argues that only the introduction of the euro can solve the current uncertainty.

The debate is not only a financial issue but also a political and strategic decision that could determine Hungary’s place in the European Union in the long term. For the time being, however, the government’s position is the stronger one, and the introduction of the euro seems unlikely in the current political climate. Nevertheless, the growing support of the opposition and the uncertainty surrounding EU funds could override this position in the coming years.

Read also:

• PM Orbán: Hungary does not need to leave the EU because it will fall apart
• Hungarian media: too expensive Hungarian forint coin may be withdrawn

Featured image: depositphotos.com