Wed, Feb 08 2012

Hungary 'not mature enough' for euro

Fri, Mar 19 2010 11:00 CET

byThe Budapest Times

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Hungary 'not mature enough' for euro

Hungary is not ready to adopt the euro and should focus on improving competitiveness through major tax cuts rather than maintaining its current austerity programme, the former Hungarian National Bank (MNB) governor Zsigmond Járai said on March 16.

Járai, who was finance minister under the centre-right Fidesz government of 1998-2002, said he believes Hungary’s budget deficit will already have reached the year’s target of 3.8 per cent by the time a new government is formed after the April general elections. "The real financial situation is worse than it appears. IMF credit is keeping Hungary afloat," Járai said.

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