Varga: 2014 gap is real question in excessive deficit procedure


Next year's fiscal deficit could be the real question from the point of view of the European Commission's excessive deficit procedure against Hungary, Economy Minister Mihály Varga said on public television late Sunday. This year's budget deficit will not pose a problem, because it can be kept under the 3% of gross domestic product European Union threshold with minimal adjustment, Varga said on M1. The Commission said about a week ago that the excessive deficit procedure could be lifted if Hungary takes additional steps to keep the deficit under the threshold. Varga said Brussels continued to use a double standard when dealing with Hungary and asked why some countries have one or two years to bring their deficits under the 3% mark, while Hungary is expected to do so immediately. He said talks between Brussels and the government are ongoing. He added that the government would inform the Commission of fiscal adjustments announced on Friday. EU finance and economy ministers will debate in June a proposal by the Commission on the basis of which they could decide on lifting the excessive deficit procedure.


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