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Hungary Seeks a Speedy Switch to the Euro | Europe | Deutsche Welle | 25.02.2009
Hungary's prime minister has called on the EU to speed up procedures allowing new members to swap their national currencies for the euro. A downturn in eastern Europe could hurt lenders in richer western nations. 

Hungarian Prime Minister Ferenc Gyurcsany said a quicker entry into the euro zone would help eastern Europe counteract the current economic crisis.

"The best protection against foreign exchange problems is to join the euro zone," Gyurcsany told journalists in Brussels on Tuesday, Feb. 24. "We should see how the steps towards the euro could be made quicker."

In particular, countries which have met the EU's strict rules on inflation and budget discipline should be allowed to join the single currency without having to spend two years in the preparatory "Exchange Rate Mechanism 2," Gyurcsany said after talks with European Commission President Jose Manuel Barroso.

by Fran on Wed Feb 25th, 2009 at 03:05:01 PM EST
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