Synopsis: The changeover to the euro in 2008 is subject to the accomplishment of the Maastricht Criteria - said the MNB-President, Zsigmond Járai at a Business Forum of the Joint Venture Association and SWISSCHAM.
After Hungary's EU accession we wish to join the ERM-2, and afterwards the forint will be defended also by the European Central Bank (ECB) in addition to the National Bank of Hungary (MNB) which will have a stabilising affect on the exchange rate. An important prerequisite of the changeover to the euro is the fixing of a sustainable conversion rate as well as a presentation of a medium term economic development programme to the EU. Zsigmond Járai would welcome a conversion rate, which contributes to the achievement of the inflation criteria and simultaneously enhances competitiveness.
If we join the ERM-2 in 2004, we have to meet the Maastricht Criteria in 2006-2007.
Full text in Hungarian...