Hungarian Prime Minister Viktor Orban has declared that Hungary should not adopt the euro, citing concerns over the European Union’s “disintegration” and warning against tying Hungary’s future too closely to the bloc.

In an interview with economic news outlet EconomX on Monday, Orban argued that the euro would represent the “closest possible link” to the EU, a step he believes Hungary should avoid amid mounting uncertainties within the 27-member union.

“Hungary should not tie its fate closer to the European Union than now,” Orban said, stressing that the country must retain economic sovereignty as the EU faces internal divisions and financial pressures.

Since joining the EU two decades ago, Hungary has modernized its economy with billions of euros in development funds and remains heavily dependent on the bloc for trade. However, unlike Denmark, Hungary does not have a formal opt-out from joining the eurozone, and it does not currently meet the conditions required for euro adoption. Other Eastern European nations, including Poland, the Czech Republic, and Romania, also remain outside the euro area for the time being.

Orban’s comments contrast sharply with the platform of his main opposition rival, Peter Magyar, who has pledged to unfreeze suspended EU funds and move Hungary closer to euro adoption. Parliamentary elections are scheduled for spring 2026, though an exact date has not yet been set.

On monetary policy, Orban noted that the Hungarian central bank’s main interest rate of 6.5%—the EU’s joint-highest—is “higher than it could be.” The bank paused a year-long cycle of rate easing in September, which has helped strengthen the forint to a 15-month high against the euro, aiming to curb the outflow of domestic savings into foreign currencies, including the euro.

Orban has increasingly positioned himself as a critic of the EU, particularly after Brussels suspended billions of euros in development funds over concerns about rule-of-law reforms under his nationalist government. Analysts say the prime minister’s stance on the euro and EU ties will likely be a central theme in Hungary’s upcoming election campaign. (ILKHA)