(Adds Stark quote)
By David Milliken
FRANKFURT, Nov 14 (Reuters) - The financial crisis has made the euro more attractive for candidates, Hungary's central bank chief said on Friday, but the European Central Bank warned there would no short-cuts towards the currency.
"I wouldn't be surprised if ambitions (for euro adoption) might be intensified in some of the new member states (because of the current crisis)," Andras Simor, governor of Hungary's central bank, told an ECB conference.
ECB Executive Board member Juergen Stark said that although the euro zone would remain open to new members, candidates should first reform their economies and grow in wealth.
"There is no reason to believe that the door might one day be closed. But there is no short cut," he said. "Structural adjustment as well as nominal and real convergence are therefore needed prior to the adoption of the euro," he added.
Slovenia, Cyprus and Malta have already adopted the euro after joining the European Union in 2004.
Slovakia will follow suit next year, but Poland, the Czech Republic, Hungary and three Baltic republics have taken their time, shying away from efforts to meet strict entry criteria on budget deficits, inflation and others.
The allure of belonging of the large currency area increased with the escalation of the global financial crisis, which has triggered massive currency and stock sell-off in Hungary and falls in other ex-communist countries from central Europe.
"Having an independent currency can not just be a shock absorber but also a shock itself. An independent monetary policy can give only limited assistance," said Simor.
Poland's government has recently approved plans to adopt the euro in 2012, while the Hungarian finance minister said his country aimed to be ready to join the ERM-2, pre-euro currency grid in 2009.
Hungary's Simor said his country might be able to meet euro zone entry criteria on inflation and budget deficit.
"Fiscal criteria are most likely to be achieved next year or with a small margin this year... As far as inflation ... we are most likely to meet these criteria latest 2010 or maybe even in 2009," he said.
A country wishing to join the euro must keep its budget deficit below 3 percent of gross domestic product. Its 12-month average inflation must not be higher than 1.5 percentage point above the average of 3 EU countries with the lowest price growth. (Writing by Marcin Grajewski, Editing by Patrick Graham)