In an interview with Bloomberg, Lagarde was blunt: Hungary’s place in the eurozone.
“This is the natural path for EU countries,” she emphasized, adding that in the long run, almost all states in the union should move to the single currency. However, the process will be long and complicated. Lagarde reminded: the transition to the euro requires deep reforms (from the economy to the judiciary) and may take years.
When asked about the timing, she reacted with restraint and irony: the realization of such a scenario is unlikely to fit into her current mandate.
Political U-turn
The statement came right after the election victory of the Tisza party and its leader Péter Magyar. He has already outlined a new course: Hungary should prepare for eurozone membership.
This is a sharp contrast to the position of former Prime Minister Viktor Orban, who for many years rejected the idea of abandoning the forint.
Magyar, however, is proceeding cautiously. There is no deadline. First, an audit of the economy, and only then a plan of action.
A lesson from Bulgaria, or a protracted path
The Bulgarian experience shows how protracted reform can be.
It took the country almost 20 years from EU accession to the euro. Bulgaria began preparations for accession back in 2007, but was denied a switch to the euro in 2024 because inflation was too high. This prompted the government in Sofia to request a reassessment in 2025, and the country began its official transition to the euro on January 1, 2026. By the end of the month, Bulgaria’s Central Bank reported the successful conversion of half of the national currency (Bulgarian lev) to the euro.
For Hungary, the euro issue is not just about currency. It is a test of readiness for reform and rapprochement with the EU. Inflation control, stable finances, independent institutions – without this, the transition is impossible.
