At the 64th Itinerant Congress of Economists, National Bank of Hungary Governor Mihály Varga argued that Hungary should adopt the euro only under conditions that deliver more economic benefits than risks and support sustainable convergence before and after entry. He cautioned that meeting the formal criteria would not guarantee success and noted that Hungary had satisfied none of the convergence requirements in 2024 or 2025. Varga reported progress on inflation, with the annual rate falling to 1.3% in August and reaching the reference value for euro adoption. He said further progress would require cooperation between the government and central bank, including continued price stability, sustainable reductions in the budget deficit and public debt, a coordinated strategy, public support and adequate preparation of the real economy.
2026-09-11National Bank of Hungary
National Bank of Hungary governor calls for coordinated, convergence-led euro adoption as inflation reaches reference value
National Bank of Hungary Governor Mihály Varga said euro adoption should support sustainable convergence and deliver more benefits than risks. Hungary has reached the inflation reference value after annual inflation fell to 1.3% in August, but further progress requires price stability, fiscal consolidation and coordination between the government and central bank.