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Entering ERM-2 requires national rethink

The National Bank of Hungary (MNB) president Zsigmond Jarai on Sunday said greater discipline is needed to prepare for monetary union and Hungary must not rush its ERM-2 entry.

Speaking out before the G-10 summit, he said there are risks in joining the preparatory stage for full monetary union membership, if the government chooses to postpone its 2008 target for euro adoption. The Hungarian government is due to make its euro decision in April.

"Targeting price stability and exchange stability at the same time requires a very strong fiscal background and very strong determination. Honestly, I do not see that kind of determination in the government or in the country today," Jarai warned.

(BBJ 9.iii.04)

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