London-based financial analysts on Friday called it unlikely that the European Commission would drop its excessive deficit procedure against Hungary unless the country makes further adjustments. Analysts with Morgan Stanley added, however, that Hungary’s decreasing bond yields indicated that the possibility that the Commission could leave the EU procedure in place did not disturb international markets. Whether the Commission decides to remove the procedure is more important for the Hungarian government, partly out of prestige, partly because the government could handle next year’s budget more flexibly, the Morgan Stanley report said. The EC projected Hungary’s budget deficit would be 3% of gross domestic product (GDP) this year and 3.3% next year, in a spring forecast released earlier in the day.
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