Hungary to delay Euro adoption to 2010

Hungary's new Finance Minister Tibor Draskovics was quoted as saying the country will probably postpone the adoption of the Euro to 2010 from 2008 because of high inflation and budget deficits.

Austrian daily Der Standard quoted him as saying that a postponement of up to two years would be "reasonable". Hungary's central bank (MNB) has argued for a fast adoption of Europe's single currency, which would boost economic growth by eliminating exchange rate risk and lowering transaction costs.