Hungarian PM: Forget the euro for at least 10 years

Hungary will only consider joining the eurozone when the country’s GDP reaches 90 per cent of that of the euro-using countries, Prime Minister Viktor Orbán said at an annual meeting of ambassadors in Budapest on Tuesday. National GDP is currently at 34 per cent, so Orbán was probably safe in saying this would not be an issue for at least a decade.
Though he did not say so specifically, GDP comparisons are usually based on purchasing power parity. The situation in this case is better: the Hungarian GDP is 60 per cent of the eurozone average, but the estimate of a decade still applies.
“Hungary has a vested interest in seeing the success of the eurozone, as we are linked to the bloc in many ways,” Orbán said, adding that a successful eurozone will significantly increase the chances of a successful Hungarian economy. “The European Union would not see economic growth without Central Europe. A deeper institutional and eco-political integration of the eurozone will take place over the next few years.”

(Photo: European Parliament)