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Press release on the Monetary Council’s meeting of 10 October 2005

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10 October 2005

1.    At its meeting on 10 October 2005, the Monetary Council considered the latest monetary and economic developments. Members agreed that the adoption of the euro by Hungary would serve the interests of the economy. Reductions in significant overspending, particularly in the general government sector, would be required in order to meet the Maastricht convergence criteria, which, in turn, would also serve to put the economy on a balanced growth path. A delay in meeting the criteria would increase the vulnerability of the Hungarian economy and the operational risks to the domestic financial system.

In accordance with its meeting schedule, the Council did not take a decision on the central bank base rate at Monday’s meeting.

2.    At its meeting, the Council also discussed the October 2005 issue of the Report on Financial Stability. Simultaneously with publication of the Report, the Council is releasing its own press statement.

MAGYAR NEMZETI BANK

Monetary Council

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