EcoFin on Hungarian economic reforms


Yesterday the Council of EU Finance Ministers, the EcoFin, accepted the assessment of the European Commission (EC) on the measures taken by Hungary to meet the objectives of its convergence program, but emphasized the importance of consistency in carrying out the reforms. 

Like the EC, EcoFin also finds next year's deficit target risky, mainly if economic growth slows down or the government fails to curb public expenditure. At the same time, EcoFin would appreciate a lower than targeted deficit of 6.8%. Finance Minister János Veres agreed with the concerns and said he finds it a realistic target to decrease the deficit even further than it was planned, all the more since Hungarian calculations predict a 6.4% deficit for 2007, lower than the previously forecast 6.8%. EcoFin suggested that the public sphere's wage level should be taken care of. In 2007 real wages will drop less than it was targeted in the convergence program and inflation is decreasing faster than it was projected, so public opinion will probably more understanding toward the reform, said Veres. (Napi Gazdaság)



Business confidence falls slightly in June Analysis

Business confidence falls slightly in June

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Dentons rehires banking and finance partner Appointments

Dentons rehires banking and finance partner

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.