For eastern members of the European Union, the global financial crisis brings home the benefits of adopting the euro. But it also throws further obstacles in their path: Hungary’s forint has lost 17 per cent against the euro since the summer in an escalating crisis of confidence, while the Baltic states face bust after boom. Even if eurozone entry dates slip, policymakers must not lose sight of the prize.

Of the east European countries that joined the EU in 2004 only Slovenia has adopted the euro. Slovakia will follow next year, having met the criteria including low inflation, a broadly balanced budget and a pegged exchange rate for two years.