Magyar: Hungary Could Adopt the Euro by Around 2030

Hungary could meet the conditions for adopting the euro by around 2030, Prime Minister Peter Magyar said, adding that the biggest challenge would be reducing public debt. The country currently does not meet any of the Maastricht criteria required for entry into the eurozone.

Magyar also accused the previous government of Viktor Orban of non-transparent financial management and of leaving public finances in a worse state than officially reported.

In Budapest, the prime minister met with Eurogroup President Kyriakos Pierrakakis, who pledged support for Hungary's efforts to join the eurozone but did not comment on a specific timeline.

Finance Minister Andras Karman announced that the government is preparing a review of public finances, which will serve as the basis for a revised budget for 2026.

Magyar estimates that this year's deficit will reach 6.8% of GDP, significantly exceeding the 3% limit required for adoption of the common European currency. At the same time, the new government's reforms and pro-European policies have bolstered confidence in the financial markets.

(Reuters, mja)