Kingdom of Hungary Máté Csák III. The kingdom of Hungary reached an age of prosperity and stability under Charles I. The gold mines of the Kingdom were extensively worked and soon Hungary reached a prominent standing in European gold production. The forint was introduced as a currency, replacing the "denars", and soon after Charles's reforms were implemented, the economy of the Kingdom started to prosper again, having fallen into a parlous state following the Mongol invasion. Charles exalted the cult to Saint Ladislaus I, using him as a symbol of bravery, justice and purity. He also venerated his uncle, Saint Louis of Toulouse.
Hungary and the euro the euro as its official currency in 2007 or 2008. Later 1 January 2010 became the target date, but that date was abandoned because of an excessively high budget deficit, inflation, and public debt. For years, Hungary could not meet any of the Maastricht criteria. After the 2006 election, Prime Minister Ferenc Gyurcsány introduced austerity measures, causing protests in late 2006 and an economic slowdown in 2007 and 2008. However, in 2007, the deficit had been reduced to less than 5% (from 9.2%) and approached the 3% threshold in 2008. In 2008 analysts claimed that Hungary could join ERM II