Jarai says euro target date 'hopeless' for Hungary

Hungary's "macroeconomic developments do not appear to be improving, especially in terms of the public sector", Hungary's central bank Governor Zsigmond Jarai told a press conference on Monday 19 September.

It is not the Eurostat's accounting guidance but the extremely bad situation of the budget that blocks the road to the euro, he said.

"In such a situation the introduction of the euro in 2010 seems absolutely hopeless," Jarai said. In order to achieve this goal, Hungary would need deep and