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Oszkó: Hungary accelerating pace of reform to lessen effects of crisis

Hungary is accelerating its structural reforms, allowing it to cushion against the effects of the global financial and economic crisis, Finance Minister Péter Oszkó said at an event organized by the American Chamber of Commerce in Budapest on Thursday.

The main aim of the government's tax package for 2009 and 2014 is to lower the tax on labor and boost employment, thus improving the country's competitiveness, Oszkó said.

Answering a question, Oszkó said adopting the Euro as soon as possible is in Hungary's best interest, but deciding on a date to join the Euro zone would not be favorable in the current climate of crisis.

Responding to another question, Oszkó said a planned luxury tax would not affect the output of the construction industry, although changes to home purchase subsidies from July would definitely have an effect on the property market. (MTI-ECONEWS)