Press Release: Belgium, Cyprus, Malta and Poland took effective action to correct deficit while Hungary’s measures are insufficient

On the 11 January 2012, the European Commission concluded that Hungary had not made sufficient progress towards a timely and sustainable correction of its excessive deficit.

The European Commission proposed to move to the next stage of the Excessive Deficit Procedure (EDP) and recommended that the Council of Ministers should decide that no effective action has been taken to bring the deficit below 3% of GDP in a sustainable manner.

ESO: Background information: Fund threat to Hungary over budget deficit http://www.europeansources.info/record/fund-threat-to-hungary-over-budget-deficit/

European Commission: MEMO/12/7: Excessive Deficit Procedure (EDP): Five Member States assessed http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/7&format=HTML&aged=0&language=EN&guiLanguage=en

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