EC to Propose Opening Excessive Deficit Procedure Against Hungary
The European Commission said on Wednesday that it will propose opening a deficit-based excessive deficit procedure against seven member states of the European Union, including Hungary.
The EC prepared a report under the Treaty on the Functioning of the EU (TFEU) for 12 members to assess their compliance with the deficit criterion of the treaty and found it was warranted to open an excessive deficit procedure against Belgium, France, Italy, Malta, Poland, Slovakia and Hungary.
The EC said, taking into consideration the opinion of the Economic and Financial Committee, that it intends to propose to the Council to open the procedures for these member states in July 2024.
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