Attention, friends of convergence trade: Tisza aims at euro introduction in medium term

HUNGARY - In Brief 06 Jan 2026 by Istvan Racz
It had been claimed by Tisza for a while, more or less superficially, that they would go for the introduction of the euro in Hungary, should they win at the election later this year. However, Tisza held a news conference yesterday, at which Péter Magyar, founder and head of the party, and András Kármán, the party's most likely candidate for economy or finance minister (who is currently introduced as Tisza's leading fiscal policy expert), spoke about this subject in more detail. Essentially, they confirmed that Tisza believes that accession to the Eurozone would be beneficial for Hungary, and so they intend to take aim at the introduction of the euro in medium term, once on government. More accurately, they did not specifically use the term 'medium term', but it could be clearly derived from what they said on their plans regarding fiscal policy. Asked when exactly, or at least roughly, euro accession could happen, Mr. Kármán said that once on government, they would start with a thorough review of the state of affairs in fiscal policy, as a 'first-100-days task', followed by handing in a revised fiscal plan for 2026 to parliament. This revised plan would not only serve as a basis for the draft budget for 2027, but also as the base of a simultaneously delivered multi-year fiscal framework, 'which would lead to euro introduction'. Mr. Kármán refrained from giving a target year for euro introduction at this point, but the way he presented their intended fiscal policy procedure was quite telling. Multi-year fiscal frameworks are invariably set for medium term, meaning 3-5 years, to have any practical relevance for government policy. On the same subject, Tisza's list of fisca...

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