Press Release: Commission assesses Hungarian action to correct excessive deficit by 2009

The European Commission considers that Hungary is on track to correct its excessive deficit by 2009 as recommended by the Council in October 2006, provided it continues to pursue a rigorous budgetary consolidation strategy and fully implements its wide-ranging structural reform plans. At present it does not appear necessary to recommend any further steps under the excessive deficit procedure. The Commission will continue to monitor the situation closely.