The National Bank of Hungary observes Hungary’s 2004 commitment to introduce the European currency, but such a move should only be taken if it can be done “safely and successfully”, NBH Governor György Matolcsy said in an article published in the online edition of the daily Magyar Nemzet on Sunday.
Concerning the “dilemma” of whether to eliminate the forint and introduce the euro, Matolcsy said that the recent crisis could be
“managed better” with the national currency,
and argued that the 2020 recession is Hungary had not been as serious as in countries of the euro zone, while Hungary’s economy stayed close to the European average during the crisis. He added that the process of recovery was also faster in Hungary than in other countries.
Matolcsy said that the central bank had used “targeted tools” to handle the crisis which the euro zone did not have in place.
The governor insisted that the first 20 years of the euro had “brought more failures than achievements”.
He said that introducing the euro had only benefitted Germany and the Netherlands, while it caused losses in all other countries, and “historic failures for southern states”, adding that “those outside the euro zone were much better off”.
“It is a historical fact that all countries in the euro zone had already achieved their level of development by the time of joining [the common currency], they became highly developed and rich without the euro. It was not the euro that brought wealth but the national currency.”
Opposition: the government is the reason of the weak forint
Hungarians want to replace forint with euro, but the government does not
Source: MTI
5 Comments
Well yes with the lowest minimum wage in the EU skilled or unskillled as there are 2 types on minimum wage here. The average hungarian is held slave to the Hungarian goverment to work in factories let alone shop workers etc. Hang your heads in shame, the politicians of this country..
Oh and yes the top 5% of the hungarian business peeps work with euro or other foreign currencies and buy properties and land with their gains in forints, so pillaging the countries assets for personal gain.
Adopting the Euro will not be good for the average Hungarian. Ask the Greeks, Italians and many other Euro adopters how well it helped their citizens. SAY NO to the Euro once and for all.
Big mistake. Do not go to the Euro. To do that would ruin this country. Hungary has stood up for other things and must do so again for this. No way.
Polite comment to Fish.
You should not consider the minimum wage in isolation when you judge an economy. The price level of basic items needs to be taken into account.
Hungary has been successful in getting lots of outside investment partly because it is outside the Euro.
I think everyone will accept that we would like things to be better in Hungary but adopting the Euro will NEVER do that.
Just ask Greece and Italy!
Through NOT – converting there currency to the Euro – the country’s that are WINNERS – members of the European Union – by Management of there Economy’s – under there own Historical currency’s – YOU don’t need more than (5) five fingers on your hand – to Count them.
That number is Gracious.
Hungary – never must we go Euro.
The vulnerability of the Future – in the present structure and function of the European Union – the on-going developing changes of – NEED – to Economic Management and Handling of there respective Economies, throughout, just not Europe but the World, bought on by the arrival and ravages witnessed thus far on-going by this novel coronavirus – retainment of our currency Hungary – must REMAIN.
It would be perilous – cataclysmic, if we Hungary – converted to the Euro.
Hungary – we would not be WINNERS – especially – the vast majority of it’s citizens – that exist on incomes or Government payments – which are by European standards – at the lowest end – if not in part the lowest – if we converted to the Euro.