Economy ministry confirms gov't informed EC of fiscal adjustments

Interview

The National Economy Ministry confirmed on Wednesday that the government had informed the European Commission already in February of fiscal adjustments equivalent to about 0.4% of GDP that it would take to ensure the deficit reaches an appropriate level.

The ministry was responding to a question by MTI after the Commission said on Tuesday that it adopted a recommendation for European Union finance ministers to ask Hungary "to take steps to correct its excessive deficit in a sustainable and credible manner by 2012".

Under the recommendation, Hungary would be asked for "additional fiscal effort" to meet the government's deficit target of 2.5% of GDP in 2012 and ensure the gap remains "well below" the 3% threshold in 2013, even after one-off measures are phased out.

The recommendation is expected to be on the agenda of a meeting of the finance ministers on March 13.

ADVERTISEMENT

Polish companies confirm better access to financing in 2021 Analysis

Polish companies confirm better access to financing in 2021

Márki-Zay tests positive for COVID-19 Elections

Márki-Zay tests positive for COVID-19

New partner announced at act Bán & Karika Attorneys at Law Appointments

New partner announced at act Bán & Karika Attorneys at Law

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

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.