Hungary Resists Euro Amid EU Disintegration Concerns
Hungary's Prime Minister Viktor Orban rejects adopting the euro, citing the EU's 'disintegration'. Hungary, reliant on EU trade, doesn't meet euro adoption criteria and lacks a legal opt-out. Orban's stance contrasts an opposition leader encouraging eurozone inclusion. Hungary's central bank maintains high interest rates to support its currency.
Hungary's Prime Minister Viktor Orban has declared that the nation should refrain from adopting the euro currency, citing concerns over the European Union's perceived 'disintegration'.
Although Hungary is deeply integrated with the EU market and has modernized using EU funds over twenty years, the country does not meet the conditions to join the eurozone, nor does it possess a legal exemption from doing so. Orban's position stands in opposition to rivals like Peter Magyar, who advocate for alignment with the eurozone.
Orban has criticized the EU's withholding of funds over his governance reforms and remarked that adopting the euro would irrevocably deepen Hungary's ties with the bloc. Meanwhile, Hungary's central bank has maintained a high interest rate — the highest in the EU — to stabilize its currency, the forint, against pressures from foreign currencies.
(With inputs from agencies.)
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