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The first such target, for the period 2007-2009, was set at 3%, with a tolerance band of plus or minus one percentage point. Speaking to reporters, finance minister Janos Veres said the government and MNB agreed that the 3% inflation rate conforms to normally accepted definitions of price stability in emerging markets.
MNB president Zsigmond Jarai welcomed the fact that Hungary has already attained price stability by these standards, which it hopes to preserve in the coming period. Jarai added he is confident that the targeted inflation rate will be sufficient to meet Maastricht criteria for eurozone accession in 2008, defined as the average inflation rate of the three best-performing member states plus 1.5 percentage points.
Jarai said that the basic tenet of inflation targeting will remain the same – that is, the Monetary Council will compare inflation forecasts for periods five to eight quarters down the road with inflation targets, and take monetary action if the forecast is outside the target range.
