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EU finance ministries urge resumption of talks between Hungary and EU-IMF

The EU finance ministers as well as European Commission representatives stressed the importance of renewing suspended talks between Hungary and the European Union and the International Monetary Fund (IMF) at informal talks on the matter in Brussels on Tuesday. The Commission still sees a 0.3%-of-GDP excess deficit compared to the targeted ratio of 3.8%.

Hungarian national economy minister, György Matolcsy, was present at the talks but did not held a press conference after the meeting.

Speaking to Hungarian reporters, Amadeu Altafaj Tardio, spokesman of financial commissioner Olli Rehn said they confirmed the readiness of the Commission as well as of member countries “to make the dialog easier with the aim to renew the talks”.

The outcome mainly relies on Hungary, he said. It is in everybody's interest to continue talks on the Hungarian plans to consolidate the general government and to arrive at a confirmation of Hungary's direction by the Commission as well as by the IMF.

Comments at the current meeting revealed that measures planned and needed to reduce the deficit are still to be clarified, the spokesman said. The Commission still sees a 0.3%-of-GDP overshoot likely compared to this year's deficit target of 3.8% of GDP, and it is unclear what steps could be taken to close the gap.

Resuming the talks (with the IMF and the EU) would be important from the point of view of credibility and reliability as well, the spokesman said. (MTI-Econews)