Hungary edges closer to euro adoption, Finance Minister says
Hungary, one of five east European countries this year to put off euro-adoption targets, is moving closer to switching to the new currency, according to the government's finance chief.
“We are definitely closer to the adoption of the euro,” Finance Minister János Veres said during a conference in Budapest today. “We have already made a decision on the transformation of the budget deficit. The acceptance of the” Convergence Program by the European Union “is a step taking us closer to the euro.” Hungary raised taxes and cut subsidies to trim the EU's widest budget deficit. There's “no chance” to cut the total tax burden, thought there may be a shift in the weight between taxes on income, consumption and wealth, Veres said. Veres reiterated that the 2007 draft budget, being debated by lawmakers, closely follows the deficit-cutting plan adopted by the EU last month. The government expects parliament to pass the bill without knocking it off the path to the euro, he added. (Bloomberg)
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.