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Hungary's New Government Targets Euro Adoption by 2030
Eurozone AmbitionsHungary's new government leadership has expressed a goal for the country to adopt the euro by the end of the decade. Prime minister-elect Péter Magyar has revived the prospect of euro entry within a four-to-five-year timeframe, suggesting that adoption could occur by 2030 or 2031.This target is subject to fiscal review. The move is part of a broader effort by the incoming administration to repair strained relations with Brussels.Economic ChallengesThe path toward eurozone entry faces significant hurdles. Experts have warned that the process will be difficult due to tight deadlines and a weak economy.Market reactions have been mixed. While investors have rallied into Hungarian assets based on expectations of reform, eurozone ambitions, and the potential release of EU funds, underlying structural weaknesses in the economy remain severe. The incoming government is described as facing a "high-stakes economic balancing act" as it attempts to address these crises.Political and Legal ContextBeyond economic metrics, the new government faces pressure regarding the country's legal and democratic standing. Human Rights Watch stated on April 14, 2026, that the incoming administration should take immediate steps to restore fundamental rights and strengthen democratic institutions.The organization called for the dismantling of abusive laws and institutions following years of democratic backsliding in Hungary.
Steps towards adopting euro likely to improve Hungary's credit rating ...
Election winner Peter Magyar speaks during a press conference in Budapest, Hungary, April 20, 2026. REUTERS/Bernadett Szabo/File Photo Purchase Licensing Rights, opens new tabBUDAPEST, May 8 (Reuters) - Meaningful steps taken towards meeting the criteria for joining the euro zone are likely to improve Hungary's sovereign credit quality, although the path to euro adoption could be lengthy, ratings agency S&P said.Hungary's incoming Prime Minister Peter Magyar, who won with a landslide on April 12, has pledged to adopt the euro with a "foreseeable and achievable" target date, with his Tisza party's supermajority likely allowing it to push through the required constitutional changes. Sign up here.S&P said in a note on Thursday that Hungary currently does not meet any of the requirements for joining the euro zone, which include maintaining low inflation, sound public finances, a stable exchange rate and low long-term interest rates."Meeting the convergence criteria could prove beneficial for Hungary’s creditworthiness," they said, noting that euro zone accession has typically led to sovereign rating upgrades of up to two notches for the Baltic countries and Croatia."One notch has generally reflected improvements in fiscal positions ahead of the euro adoption, as candidate countries made progress towards consolidating their public finances," they said.The second, after joining the euro zone, reflected the European Central Bank’s policy credibility and effectiveness, better access to the bloc's deep and liquid capital markets, and the reduction in foreign exchange risks.S&P rates Hungary 'BBB-', its lowest investment-grade rating, with a negative outlook.The agency told Reuters earlier this week that downgrade warnings for Hungary and Romania reflect the fiscal risk facing the two emerging European countries, having already in March pointed to the risk to Hungary's rating should the recent surge in energy prices persist.Reporting by Anita Komuves and Gergely Szakacs; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles., opens new tab
Hungary's new government pushes for euro by 2030 - PressReader
Hungary's premierin- waiting, Peter Magyar, is keen to secure a return to the European Union mainstream and is moving quickly to mend fences.
Hungary and the Euro by 2030: Turning Point or Dead End?
By joining the European Union, Hungary committed to eventually adopting the euro, meaning its introduction is not optional. Péter Ákos Bod economic expert ...
