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#Hungary in no rush to join #eurozone, minister says

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Hungary is in no rush to join the eurozone and should adopt the single currency only if its economic output approaches the average of the eurozone or Germany, Economy Minister Mihaly Varga was quoted as saying in an interview on Saturday (24 March), writes Gergely Szakacs.

“Like the Czechs or the Poles, we will not enter the waiting room for the euro, which is a requirement to fix the exchange rate two years before adoption (of the euro),” Varga was quoted as telling the daily Magyar Hirlap.

“This is a favourable position and it is up to us when we decide to take the next step,” Varga said, adding Hungary should also wait for the outcome of debates on deepening integration between members of the single currency bloc.

Hungary’s central bank has also said Hungary should not join the euro before its economy is sufficiently strong.

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