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.
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