Brussels, 6 March 2012
Commission adopts Recommendation asking Hungary to take steps to correct deficit
The Commission has today adopted a Recommendation for a Council Recommendation asking Hungary to take steps to correct its excessive deficit in a sustainable and credible manner by 2012. This recommendation under Article 126(7) is scheduled for discussion at the Economic and Financial Affairs (ECOFIN) Council on 13 March. Based on this Recommendation, Hungary would be asked for an additional fiscal effort to meet the government's own deficit target of 2.5% of GDP in 2012 and to ensure that the deficit in 2013 remains well below the 3% threshold, even after the phasing-out of one-off measures.
Once the Ecofin Council has adopted these recommendations, Hungary would have six months to take effective action, in other words, until mid-September 2012.