Jarai says talks underway with ECB over ERM II

Hungary's central bank governor Zsigmond Jarai said Tuesday that the MNB has begun informal talks with the ECB on Hungary's membership of the ERM II mechanism. The path to the adoption of the euro in 2008, as agreed between the government and Hungary's central bank MNB, will be difficult, requiring a "disciplined fiscal policy," Jarai declared.

Source: Interfax

Informal talks have begun with the European Central Bank (ECB) on Hungary's membership in the ERM II mechanism, Zsigmond Jarai, governo