Fitch: The Hungarian euro may arrive in 2032, but the budget must be sorted out first

Fitch Ratings predicts Hungary could adopt the euro by 2032 if it reduces its budget deficit and meets other criteria. The country may join the ERM II system by 2029, which is essential for euro adoption. The current government aims to meet euro introduction conditions by 2030, but recent budget adjustments have raised deficit targets. Fitch considers achieving budgetary compliance the most challenging requirement, especially as Hungary is under EU excessive deficit procedures. Other analysts suggest a later euro adoption date due to high public debt. Inflation control is also crucial for euro readiness, with the central bank adjusting its inflation target to align with EU standards.