Hungary’s Perspective on the Banking Union and Remarks on the Possibility of Eurozone Accession
Hungary’s Perspective on the Banking Union and Remarks on the Possibility of Eurozone Accession

Summary/Abstract: The objective of this essay is to analyse the position of the Hungarian government towards the banking union. In order to better understand the official standpoint of the cabinet, it is necessary to make a brief overview related to the possible introduction of the euro in Hungary. As far as the country’s preparedness for the adoption of the euro is concerned, several internal factors (fulfilment of the Maastricht convergence criteria, pursuance of credible and responsible economic policy that promote sustainable economic growth and macroeconomic stability, etc.) and external ones (the structural problems of some eurozone countries and the extended and modified rules of the Stability and Growth Pact and the Euro Plus Pact) have to be taken into account if a responsible decision about accession to the eurozone is to be taken. Only with wide consensus between the participants in the country’s economy and society and considered, balanced economic policy can Hungary reap the possible benefits of the adoption of the common currency.

• Details
• Contents