According to the latest Eurobarometer, as many as 80 percent of Hungarians are in favor of adopting the euro. This is the highest result among the five European Union countries that are still outside the zone. For comparison, in Poland 43 percent of respondents are in favor of introducing a common currency, in the Czech Republic 42 percent and in Romania 65 percent.
Interestingly, as many as 39 percent of Hungarians would like the euro to be introduced as soon as possible, and 45 percent prefer this process to be carried out according to an agreed schedule. Only 7 percent of respondents do not want the euro at all. According to Interia, skepticism towards the common currency is more common among older people, residents of smaller towns and people with lower education.
Practical reasons for support and the symbolic meaning of the euro
High support for the euro in Hungary has its sources both in the practice of everyday life and in the symbolic sphere. Many Hungarians work abroad, mainly in euro zone countries, and sending money to their home country involves additional currency conversion costs. The introduction of the euro would eliminate them.
For part of the population, the euro is also a symbol of Hungary's stronger bond with the European Union, which is particularly important after the change of government and departure from Fidesz's policy. However, one reason for such high support cannot be clearly indicated - the motivations are complex and multidimensional.
The central bank presents a plan
The direct impetus for the return of the euro debate was the recent speech of the president of the National Bank of Hungary, Mihály Varga, during the Economists' Congress in Eger. Varga, who has already considered the possibility of adopting the euro in the past, this time talks about a "new stage" and greater political determination.
The president of the central bank emphasized that Hungary had committed to adopting the euro when it joined the European Union in 2004. However, both the economic conditions and the political assessment of this step have changed since then. Currently, as Varga claims, the euro is to be a tool for increasing prosperity and a way to reduce the gap with richer EU countries. It is not about quick adoption of the currency, but about effective and well-prepared implementation.
Mihály Varga indicated three key conditions that must be met for Hungary to realistically think about joining the euro zone:
Broad social support – which, as research shows, is already very high today.
Coordinated strategy – including the actions of the government, the central bank and other institutions.
A properly prepared economy - meeting the convergence criteria and ready for the challenges related to the adoption of the common currency.
Economic benefits and challenges on the path to the euro
According to the central bank's calculations, one of the greatest advantages of joining the euro zone would be the elimination of the costs of exchanging forints for euro, which currently range from 100 to 130 billion forints per year (i.e. approximately 0.1-0.15 percent of GDP). This is the equivalent of up to PLN 1.5 billion. Additionally, as much as 59 percent of Hungarian exports go to euro zone countries, which means that adopting a common currency could significantly reduce exchange rate risk and facilitate trade.
However, the path to the euro will not be easy. The key test will be the draft budget for 2027 and the medium-term deficit reduction plan, which investors expect in October. The current budget deficit, forecast at 7.5 percent of GDP, significantly exceeds the level required when adopting the euro. The adoption of the budget bill is scheduled for mid-month.
Legal and political obstacles
Entering the euro zone was one of the main economic demands of the TISZA party, which announced the creation of conditions by 2030 that would enable a decision to adopt the common currency to be made. However, even a political majority does not guarantee success - the Hungarian constitution designates the forint as the country's official currency. Changing this provision requires the support of two thirds of all MPs.
Although TISZA has a majority allowing it to change the constitution, joining the euro zone is not yet a formality. Hungary faces a number of economic and political challenges that must be overcome before the euro replaces the forint in citizens' wallets.
