National Changeover Plan [antikvár]

Introduction Money plays a major rôle in the opération of an economy. It is a constant companion in the day-to-day activities of economic participants and the générai public, functioning as a medium of exchange, a unit of account, and a store of value. In addition to its functions in the economy, money is an instrument which, in part, expresses the identity of a country. The forint has been the official currency of Hungary since 1 August 1946. While the coins and banknotes have changed several times during these more than six decades, the forint has remained. By joining the European Union, confirmed by the referendum held in 2003 in relation to EU membership, Hungary has undertaken a commitment to introducé the euro, the single currency of the Economic and Monetary Union, when the required conditions have been met. With the introduction of the euro in Hungary, the country's intégration in Europe will reach a higher level. Adoption of the single currency will create new opportunités, have a significant influence on the economic processes and impact society as a whole. In addition, this important step will help improve the international stature of Hungary's economy. As the euro replaces the forint, a concept associated with the country for many decades will cease to exist, but the economy and the society will both gain from the single European currency. Adoption of the euro, however, is subject to meeting strict conditions. On the one hand, all countries which are to join the euro area are required to meet certain economic policy requirements, the so-called Maastricht criteria, and bring their législation in line with that of the Economic and Monetary Union. On the other hand, these countries also need to prepare for a number of practical challenges arising from currency changeover. After this work has been completed, adoption of the euro will contribute to the évolution of a more successful economy with higher growth potential, benefiting Hungárián society as a whole. The objective of changeover is to ensure that Hungary succeeds in replacing the forint with the single currency of the euro area at a reasonable cost, while enjoying the highest possible benefits.