Minister of National Economy Mihály Varga has said there is no need to hurry to adopt the euro. Unless the level of development of the country’s economy reaches the European average, the move could be detrimental, he said. “We can have the euro but we won’t for the time being,” he said on local radio in Baile Tusnad (Tusnádfürdő), Romania. Varga said the eurozone had experienced difficulties in the past few years, and adoption currently does not appear to be “overly attractive”. Hungary complies with all but one of the conditions for joining the single currency but it does not wish to enter the ERM II exchange-rate corridor yet, he said. The fact that Hungary is now in such a position represents a huge advance on six years ago, when the country did not comply with a single condition, he asserted. If Hungary were to join prematurely, it could end up like “certain Mediterranean countries, which due to their lack of competitiveness were unable to make use of the opportunities of eurozone membership”. On Brexit, Varga said Hungary must take advantage of the opportunities presented by Britain’s eventual withdrawal from the European Union. The government is making efforts to attract economically important players from the UK, primarily in the car industry. Hungary also wanted to be the headquarters of the European Banking Authority if it were forced to leave London.