No need to rush euro adoption, says Hungarian economy minister

Until Hungary’s economic performance approaches the average performance of the eurozone or that of Germany, there is no need for Hungary to rush the adoption of the euro, Economy Minister Mihály Varga said in an interview published in Saturday’s issue of daily Magyar Hírlap.

“There is no hurry. Today we are in a position in which we meet all the [euro convergence] criteria,” Varga told the paper. Like the Czech Republic and Poland, Hungary has not pegged the forint’s exchange rate to the euro, he noted.

“This is a favourable position to be in; it is up to us when we decide to take the next step,” Varga said.

On the topic of jobs, the minister said that as long as just one person is unemployed in Hungary, the government has a responsibility to create more jobs so that everyone can find work. Varga said Hungary sees family policies, rather than immigration, as the answer to its demographic challenges.

He said that at stake in the April 8 election was whether voters wanted to put a stable, growing economy at risk by voting in a new government.

As we wrote on Wednesday, Economic research company Pénzügykutató has revised upwards its GDP growth forecast for Hungary to 3.9 percent this year from an earlier 3.7 percent prediction. Read more HERE.

Photo: MTI

Source: MTI