Hungary will adopt the euro “in the coming decades” and needs to learn from the lessons of the past concerning the processes affecting the common currency, National Bank of Hungary (NBH) governor György Matolcsy said in a presentation delivered at the central bank’s annual Lámfalussy Lectures on Monday.
An entirely “mature euro” is necessary for the common currency to be able to withstand future crises, Matolcsy said, noting that when the euro was introduced, Europe was enjoying prosperous times and there was no thought of another economic crisis.
The NBH organises the Lámfalussy Lectures each year to honour Sándor Lámfalussy, the Hungarian-born “father” of the euro.
The National Bank of Hungary on Monday awarded Yves Mersch the member of the European Central Bank’s Executive Board with the Lámfalussy Prize.
The Sándor Lámfalussy Prize recognises “outstanding financial and economic professionals who performed internationally acclaimed professional work, scientific publications or educational work that have a major long-term impact on the development of the Hungarian and international monetary policy, economics and the professional community”.
Yves Mersch served as the Governor of the Banque centrale du Luxembourg between 1998 and 2012 before joining the ECB executive board.