Hungarian Prime Minister Viktor Orbán has declared that Hungary should not adopt the euro, arguing that the European Union is “disintegrating” and that taking on the common currency would bind Hungary too closely to a bloc whose cohesion he increasingly doubts. In an interview with EconomX, Orbán said Hungary should avoid deepening its ties to the EU at this moment, warning that euro adoption would be “the closest possible link” to a union he perceives as fracturing.
Orbán’s remarks come against a backdrop where Hungary, despite being heavily dependent on trade with EU member states and having received substantial EU funding since joining in 2004, still fails to satisfy the formal criteria required to adopt the euro. Unlike Denmark, Hungary has no legal opt-out, meaning that in theory it is bound to adopt the euro eventually, but no official deadline has been set.
His position contrasts sharply with that of opposition leader Péter Magyar, who is urging the government to unfreeze EU funds currently suspended over rule-of-law concerns and to move Hungary closer to eurozone membership. The issue is likely to be a political flashpoint ahead of Hungary’s parliamentary elections in spring 2026.
Monetary policy underlines the tension: Hungary’s central bank has set its main interest rate at 6.5%, joint-highest in the EU, which Orbán said is “higher than it could be,” but has defended current policy as necessary to strengthen the forint and discourage capital flight toward foreign currencies—including the euro.
Orbán has repeatedly criticized EU institutions for suspending billions in funding to Hungary over concerns about his government’s reforms of the judiciary and the rule of law. Adoption of the euro, he argues, would erode Hungary’s ability to maneuver independently in face of EU pressure.
In sum, Orbán insists that now is not the time for Hungary to embrace the euro: he views the EU as unstable, fears loss of economic sovereignty, and wants to keep policy levers like interest rates and currency control in Hungarian hands.
