Hungary to Fulfill Criteria for Joining ERM II in November 2009

Hungary will be able to safely fulfill the criteria necessary to join the European Exchange Rate Mechanism (ERM) II by November, 2009.

 

Hungary will be able to safely fulfill the criteria necessary to join the European Exchange Rate Mechanism (ERM) II by November 2009, Finance Minister Janos Veres said on a television program on November 21st 2008. 

European Union member states that have not adopted the euro must participate in the ERM II for at least two years before joining the Eurozone.

Mr Veres noted during the television program that the government's proposed 2009 budget currently before parliament targets a general government deficit of 2.6 pct of GDP to be achieved through a sharp HUF 600 billion (EUR 2.22 billion) reduction of spending.

News Monitoring