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Hungary joins group lobbying for changes to pension reform accounting

Hungary has joined nine other European Union member states to lobby the European Council and the European Commissioner for Economic and Financial Affairs to take into account the cost of earlier pension reforms in reviews of state spending, the National Economy Ministry told MTI.

The initiative, started by Poland, seeks a review of the EU's Stability and Growth Pact in the interest of establishing equal treatment for all member states, the ministry said. EU institutions are currently reviewing a letter outlining the joint stand, it added.

Hungary established mandatory private pension funds in 1997. Before that, there existed only the state pension system. The cost of this reform ought to be reflected in accounting rules, the ministry said. (MTI – Econews)