Hungary could join the eurozone as early as January 2032 if criteria met

According to Zoltán Kurali, the National Bank of Hungary’s deputy governor for monetary policy, Hungary could switch from the forint to the euro on 1 January 2032 if it meets the Maastricht convergence criteria by 2030. The timeline implies entry into the ERM II “waiting room” by early 2029, after which a two-year stable exchange-rate period is required. Meeting the criteria involves price stability, sustainable public finances, low government debt and appropriate long-term interest rates; the government is working to bring the budget deficit under the EU’s 3% limit, as outlined by Finance Minister András Kármán. Governor Mihály Varga has called for a coordinated, disciplined approach to the transition, noting that inflation reached 1.3% in August but other metrics remain critical.

Analysts differ on the exact year, with some projecting 2033 as the earliest realistic date. The prospect of euro adoption is already influencing market expectations, including potential further rate cuts by the MNB and increased foreign bond purchases exceeding USD 13 billion this year.