We present a unique example of giant magnetoelectric effect in a conventional
multiferroic HoMnO3, where polarization is very large (~56 mC/m2) and the
ferroelectric transition temperature is higher than the magnetic ordering
temperature by an order. We attribute the uniqueness of the giant
magnetoelectric effect to the ferroelectricity induced entirely by the
off-center displacement of rare earth ions with large magnetic moments. This
finding suggests a new avenue to design multiferroics with large polarization
and higher ferroelectric transition temperature as well as large
magnetoelectric effects