The Hungarian Central Bank has long been a proponent of an “as soon as possible” eurozone entry strategy. We made our first comprehensive cost-benefit analysis back in 2001. The analysis suggested that Hungary constituted an optimal currency area with the eurozone, at least to the extent that some peripheral eurozone member countries did.
SPIEGEL: What exactly happened between Thursday and Sunday of the week before last, when Europe’s Heads of State and Government launched the largest financial rescue package in the history of Europe? Trichet: On Thursday afternoon and throughout Friday we had a continuous deterioration of the situation in the financial markets, both in Europe and, as a consequence, at the global level.