Economics
Top Banker Says Hungary May Adopt the Euro Sooner Than Expected
- Hungary to adopt euro despite official rhetoric, OTP head says
- Euro-area budget won’t mean need to give up full sovereignty
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Hungary may adopt the euro sooner than its government is willing to admit, as Europe’s renewed integration drive pulls even countries reluctant to join into the common currency, the nation’s top banker said.
Leaders in Hungary, Poland, Romania and the Czech Republic -- the four biggest economies in the European Union’s eastern wing -- have refused to set target dates for adoption despite largely meeting accession criteria and being obliged to swap their currencies. While countries like Hungary won’t rush it, they also won’t want to be left out from deeper integration, said Sandor Csanyi, Hungary’s richest man and chief executive officer of its largest lender OTP Bank.