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Talks on EU 'fiscal compact' moving in favourable direction for Hungary, says Foreign Ministry

Talks on a "fiscal compact" between European Union member states are moving in a favourable direction from Hungary’s point of view of the Foreign Affairs Ministry said in a statement on Friday.

"It is important for us that the cooperation in the intergovernmental treaty encompass those areas which directly affect the eurozone; it should not undermine the unity of the internal market, it should be in harmony with the European Union Treaty, procedures and system of institutions," the ministry said. "We further consider important that the intergovernmental agreement should come into force for contractual parties outside of the eurozone only when they adopt the single currency," it added.

The ministry said the content of the agreement ought to be included in the EU Treaty.

Hungary is actively participating in the ad hoc working group set up to negotiate the draft of the fiscal compact, the ministry said. The intergovernmental agreement on the treaty is expected to be signed on March 1 or 2, it added.

The ministry said it would initiate a plenary debate in Parliament so Hungary’s position on the fiscal compact could be laid out in a resolution.

The fiscal compact would establish stricter budget an debt rules for members states.