March 24, 2018 / 7:22 AM / in a year

Hungary in no rush to join euro zone, minister says

FILE PHOTO: Hungarian Economy Minister Mihaly Varga talks during a forum of the chamber of industry in Budapest, Hungary, March 6, 2018. REUTERS/Bernadett Szabo

BUDAPEST (Reuters) - Hungary is in no rush to join the euro zone and should adopt the single currency only if its economic output approaches the average of the euro area or Germany, Economy Minister Mihaly Varga was quoted as saying in an interview on Saturday.

“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 favorable 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.

Reporting by Gergely Szakacs; Editing by Mark Potter

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