Economy ministry confirms gov't informed EC of fiscal adjustments

Interview

The National Economy Ministry confirmed on Wednesday that the government had informed the European Commission already in February of fiscal adjustments equivalent to about 0.4% of GDP that it would take to ensure the deficit reaches an appropriate level.

The ministry was responding to a question by MTI after the Commission said on Tuesday that it adopted a recommendation for European Union finance ministers to ask Hungary "to take steps to correct its excessive deficit in a sustainable and credible manner by 2012".

Under the recommendation, Hungary would be asked for "additional fiscal effort" to meet the government's deficit target of 2.5% of GDP in 2012 and ensure the gap remains "well below" the 3% threshold in 2013, even after one-off measures are phased out.

The recommendation is expected to be on the agenda of a meeting of the finance ministers on March 13.

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