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EC has "no information" on common deficit target date

The European Commission has "no information" that EU countries would be about to make a common deadline for the reduction of general government deficits to 3pc of GDP for member countries at the next EU summit in October, Commission spokesman Mark English told Vilaggazdasag on Wednesday.

A subject of the summit will be the coordination of economic policies, Mr English confirmed, but referring to the detailed agenda he said that the president of the Europan Council, Herman Van Rompuy was responsible for the preparations.

Hungarian prime minister Viktor Orban said on state television on Monday that "in October, (EU prime ministers) will agree on when the 27 countries have to bring down their budget deficits to the expected 3pc (of GDP). That will apply to every country, and if we keep to that, if we can swim together with the others, then we won't need any extra safety belt," Orban added.

"It would be unacceptable, and it won’t happen, that certain countries would have to do it sooner, while others would be allowed to do it later", the prime minister said. (MTI-ECONEWS)