Hungary and the euro


Hungary and the euro

Hungary intends to replace the forint on or after 1 January 2013, depending on Hungary's economic performance. Currently, there is no target date and the forint is not part of ERM II. However, because of the reduced budget deficit, Goldman Sachs sees an improved chance for 1 January 2013 to be the date of adoption, instead of 2014. [cite web | url=http://www.fn.hu/makro/20080708/egy_evvel_korabban_lehet_euronk/ | title=We can have the euro in 2013?(in Hungarian) | publisher=FN.hu | accessdate=2008-07-12]

Adopting the euro

Hungary originally planned to adopt the euro as its official currency on 1 January 2010, but that date has been abandoned because of the excessively high budget deficit.

On 8 July 2008, Finance Minister János Veres announced the first draft of euro-adoption plan. Though a timeline has still not been set, if the country's ongoing convergence program makes it possible, next year Hungary could apply for entrance to the ERM II system; this would be a major step for the euro adoption. [cite web | url=http://www.realdeal.hu/20080708/hungary-rolls-out-first-draft-of-euroadoption-plan | title=Hungary rolls out first draft of euro-adoption plan | publisher=Hungary's international business daily | accessdate=2008-07-09]

Currently, the yearly budget deficit accounts for 6% of GDP, while public debt accounts for 69% of GDP. [cite web | url=https://www.cia.gov/library/publications/the-world-factbook/geos/hu.html | publisher=CIA | title=The World Factbook - Hungary | accessdate=2008-07-09]

Hungarian euro coins have not yet been designed. Current plans indicate that the national side is to be designed in 2009.

References


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