Hungary set to delay eurozone entry

The government is planning to announce the results of a policy review in May.

Hungary, which is joining the European Union in that month, has pursued a concerted effort of early entry into the eurozone, but the government's weak finances has prompted questions over the target date early this year.

Mr Draskovics was brought in to clean up the mess after the sacking of his predecessor, Csaba Laszlo, in January. The newly appointed minister said Hungary's policy-makers have adopted a more realistic approach to economic policy.

"The target isn't euro [membership per se]," Mr Draskovics said. "It is to create the right conditions [for entry]."

In London, en route to this weekend's informal meeting of EU financial ministers in Dublin, Mr Draskovics insisted the government was on track to meet this year's "ambitious" budget deficit target of 4.6 per cent of gross domestic product, news reports said.