As recommended by the EU’s executive Commission, the ministers postponed the deadline for Budapest to cut the deficit to around 3% of GDP until the end of 2009 from 2008. But they stressed reforms must be implemented rigorously. The ministers gave Hungary until April 10, 2007, to show it is implementing its promised reforms. The EU ministers urged Hungary to implement swiftly its planned reforms of the public administration, healthcare and pension and education systems. The ministers did not recommend any sanctions. Technically, sanctions may only be levied on eurozone members, however no eurozone member has ever been fined. In its recommendation from September 26, the European Commission said both short- and long-term risks are still evident, making it of utmost importance that Hungary implement reforms and control expenditures. The ministers urged Hungary to start the necessary reforms as soon as possible and to take measures as necessary. (Mti-Eco)
Producing journalism that is worthy of the name is a costly business. For over 30 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.
