National Bank of Hungary (MNB) vice president responsible for monetary policy, financial stability, and foreign exchange reserve management, Zoltán Kurali told the Reuters news agency that the Tisza government’s promise to meet the conditions for adopting the euro by 2030 means that Hungary could join the exchange rate mechanism (ERM-2), the euro’s “waiting room” by early 2029 at the latest.
“The earliest possible date for adopting the euro would thus be January 1, 2032, provided that Hungary meets the Maastricht criteria by 2030,” he said in an interview earlier this week.
The MNB official declined to comment on the exchange rate level at which Hungary should join ERM-2, stating that the bank’s primary task at present is to align the economy with the 2.5% inflation target.
A decision on whether to further lower the target rate necessary to meet the conditions for adopting the euro will only be made after Hungary has joined ERM-2. “We are ready. As soon as the government decides to launch the process of adopting the euro, we will support it with all our experience and expertise,” Zoltán Kurali said.
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