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Brussels, 27 January 2010

Statement by Commissioner Almunia on Hungary

" I commend the Hungarian authorities and the Hungarian people for the efforts made during this global crisis to limit the deterioration of the budget deficit, improve fiscal sustainability and to preserve macro-economic stability. Against the background of a sharp economic contraction in the context of the global financial crisis, Hungary has managed to keep the budgetary deficit at 3.9% of GDP thanks to the adoption of a number of budgetary savings measures and the 2010 budget adopted by the Hungarian Parliament is in line with the agreed target. Therefore Hungary is in compliance with the most recent recommendations issued by the Council in July 2009. The multilateral assistance package, including the €6.5 billion loan agreed by the European Union, has helped improve the economic conditions and outlook in Hungary by easing financial tensions and external financing pressures. But the recent improvements would not have been possible without the measures adopted, and accepted, by the Hungarian society.    I'm pleased that the situation in Hungary has improved so substantially that the authorities have not needed to draw on the last loan instalment of €1 billion for the time being. This year should see an improvement in economic conditions in the EU and in Hungary but the effort needs to continue, notably for what concerns the budget deficit, to ensure that the deficit targets are met and to provide a stronger and more sustainable economic activity in the future ," said Joaquín Almunia, European Economic and Monetary Affairs Commissioner. 

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