Coins of the Hungarian forint a highly profitable venture that lasted until the machines were reprogrammed. The 50 Forint coin is confused with the UK 50 pence coin by some vending machines in the UK. According to Hungary's new constitution, effective as of 1 January 2012, the country's official name changes from "Magyar Köztársaság" (Republic of Hungary) to "Magyarország" (Hungary). Although Hungary is still a republic, this does not appear anymore on its coinage: from 2012 Hungarian legal tender will bear the country's new official name, "Magyarország". Previously struck coins will remain legal tender. 5, 10 and 20 Forint coins are expected to appear in
Economic and Monetary Union of the European Union in June 1988, when an ad hoc committee (Delors Committee) of the central bank governors of the twelve member states, chaired by the President of the European Commission, Jacques Delors, was asked to propose a new timetable with clear, practical and realistic steps for creating an economic and monetary union. This way of working was derived from the Spaak method. The Delors report of 1989 set out a plan to introduce the EMU in three stages and it included the creation of institutions like the European System of Central Banks (ESCB), which would become responsible for formulating and implementing monetary