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In 2004, when Hungary joined the EU, Hungary promised to adopt the euro once, Minister Gergely Gulyás, who was in charge of the Prime Minister’s Office, said on Thursday.
The politician recalled:
increased competitiveness is not necessarily accompanied by the introduction of the euro, citing Greece and the situation of the southern states as examples.
In other words, Magyar Nemzeti Bank is currently free to make monetary policy decisions, “we enjoy your freedom and results.” He also stated at the event that data on the euro and the Hungarian economy need to be examined to make a decision, but it is sure that it will be worth reopening this debate once.
Hungary is committed to its introduction
In addition to Gulyás, the aforementioned MNB also spoke on the subject today, according to toaily.hu. Central Bank Governor Mihály Patai said in a panel discussion at Euromoney’s annual conference, “Hungary is committed to introducing the euro, but we will have a much longer way to go than other countries in the region. However, in a real economic sense, Hungary is essentially an integrated member of the eurozone, although we do not pay with the common currency ”.
The introduction of the euro is possible if we know what we are joining
– This was already said by Finance Minister Mihály Varga in an interview with the Index.
“In recent years, it has become clear that joining the eurozone alone will not solve the problems of competitiveness and efficiency. Some examples are Slovakia and the Czech Republic. In recent years, the Czech Republic has grown much stronger than Slovakia, Czech unemployment is lower, the country is more competitive, although Slovakia has the euro and Czechs pay with their own crowns, ”says the Chancellor of Finance.
“It turns out, as we’ve always said, that, of course, the euro can provide some monetary protection to an economy, but that alone will not solve competitiveness problems. We see the Greek or Italian experience. We do not expect Hungary’s competitiveness from the euro! ” He said.
Furthermore, the operating conditions of the euro area are currently changing in the light of the experience of recent years. The eurozone also cannot function as it did 20 years ago when this community was created, he added.
THE IMPROVEMENT OF OUR PERFORMANCE SHOULD LEAD TO HOW HUNGARY CAN CONSIDER ITS OWN CONSIDERATION FOR THE EURO ZONE.
It is important to add the freedom of action of economic policy, and therefore monetary policy: during the crisis caused by the epidemic, they were able to move faster where there is an independent monetary policy, so their role has increased, he said.
We undertook
The official policy of the EU remains that all members of the union will eventually become members of the eurozone. This was undertaken by Hungary at the time of accession, as were the countries that joined it in 2004, of which, with the exception of the Czech Republic, Poland and Hungary, all states have become members of the euro zone. With Croatia and Romania, most of those who joined in 2007 would already be on duty.
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