Entering the euro with favorable market sentiment, but without an economy that can function well within a monetary union, would not serve Hungary’s long-term interests. It would be a formula for more broken promises—precisely the trend that the new government was elected to end.

CANNES—For the first time in more than a decade, a Hungarian government has said something about the euro that markets can actually plan around. Prime Minister Péter Magyar’s government has just announced that, later this year, it will present a revised medium-term fiscal framework to meet the criteria for eurozone membership. Euro adoption has drifted in and out of Hungarian policy debates for years, without ever becoming a serious governing objective. This is the first credible signal that something has changed.