Orbán says Hungary euro adoption unlikely before 2020
Monday, February 7, 2011, 7:05 AM CET
Prime Minister Viktor Orbán on Saturday said Hungary is unlikely to join the Eurozone before 2020 because of "the way things stand at the moment". Speaking at a press conference in Budapest, Orbán said the terms non-members have to meet to adopt the common European currency will radically shift toward a common EU fiscal policy. But Orbán said Hungary will oppose efforts within the European Union to harmonize the corporate-tax base as it would erode Hungary's competitive advantage. Responding to questions about Hungary's monetary policy, Orbán said the government and the new rate-setting Monetary Council will need to find an efficient way to cooperate in the next two to three months because the current monetary policy hurts the economy. Orbán urged a debate on the tools and goals of monetary policy and denied reports that the government wanted to raise the central bank’s 3% inflation target.