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Hungary’s FinMin happy with EC convergence assessment

The leaked version of the European Commission’s (EC) evaluation of Hungary’s updated convergence program, supports the government’s forecast of macroeconomic trends in the coming years, Finance Minister János Veres told wire agency MTI-Eco.

EC is said to be skeptical only about the inflation plans because of the high prices of raw materials, food and oil, he added. Otherwise EC agrees with the government on the feasibility of the aims set for 2008 and 2009. However, Veres doubts if wage raises really put inflation at risk, since the public sphere has not produced a wage rise exceeding inflation and the real wage raise the private sphere and the national interest reconciliation council OÉT agreed on is in compliance with the budget law, he explained. (NG 2)