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Almunia cautiously welcomes Hungary's tax increases

EU monetary affairs commissioner Joaquin Almunia on Tuesday said he welcomed tax hikes approved by Hungary's parliament on Monday.

The tax increases are part of an austerity package that aims to reduce Hungary's general government deficit from a targeted 8% of GDP in 2006 to 3%-3.5% by 2008. “I share the intention of the new measures adopted yesterday by the Hungarian parliament ... and in general I welcome the intention stressed by the new government ... to seriously tackle the excessive deficit and seriously adopt a credible and efficient adjustment path,” Reuters quoted Almunia as saying. "But I am not in a position today to assess the practical and concrete consequences of the measures announced," he added.
Almunia was speaking in Brussels where EU finance ministers hold a meeting on Tuesday.