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Matolcsy: Government will take all measures to keep deficit under 3% of GDP

The government will take all the measures necessary to keep Hungary’s deficit under the EU-stipulated maximum of 3% of GDP next year as well, National Economy Minister Gyorgy Matolcsy told journalists in Brussels after the Fiscal Council approved continuing Hungary’s excessive deficit procedure (EDP) on Tuesday.

European Commissioner for Economic and Monetary Affairs Olli Rehn said the council projects a 3.25% deficit by the end of 2013, Mr Matolcsy added. The national economy minister remarked that the aims of the commission and Hungary’s government are close, because the government predicts the deficit remaining under 3%.

Hungary can avoid the sanctions wich are possible under the procedure, such as the temporary suspension of commitments from the EU’s cohesion Fund, Mr Matolcsy said.

The government is also ready to cooperate in finding remedies to all the concerns of the European Commission about Hungary’s legislation, and this covers finding solutions to problems of political nature as well, the minister added.