Before Hungary can consider adopting the euro currency, its level of economic development needs to move closer to that of the Eurozone countries, according to András Tállai, state secretary at the national economy ministry.

As reported by the Budapest Business Journal, Tállai sent a written response to independent MP Márta Demeter. He wrote: “The introduction of the euro may only become a timely matter if Hungaryʼs level of economic development approaches the average of eurozone countries; that is, if there is genuine convergence. Otherwise, Hungary could be the loser of accession [to the eurozone] – similar to some Mediterranean countries”.

He also noted that the eurozone “must be renewed, stabilised and its earlier attraction restored, in light of the difficulties and internal problems which have surfaced in the past years”.