Hungary and the euro
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Hungary intends to replace the forint in the period 2012-2014, depending on Hungary's economic performance. The forint is not part of ERM II.
Hungary originally planned to adopt the euro as its official currency on 1 January 2010, but that date has been abandoned because of the excessively high budget deficit. The current plan is to prepare a road map in mid-2008, without any target date.[1]
Realistically, it is difficult for Hungary to join the eurozone in the foreseeable future until Hungarian public finances are better managed. Currently, the yearly budget deficit accounts for 6% of GDP, while public debt accounts for 69% of GDP.[2] Hungarian public debt is growing faster than Hungarian GDP.
Hungarian euro coins have not yet been designed. Current plans indicate the design of the national side is to be designed in 2008.
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