Fiscal performance draws EU censure

March 2005
Emerging Europe Monitor: Central Europe & Baltic States;Mar2005, Vol. 12 Issue 3, p3
Country Report
Country Report
This article reports that the European Commission has warned Hungary over its fiscal imprudence. Although the consequences of government spending imbalances under the EU's Stability and Growth Pact are unclear at present, it is believed that the Hungarian authorities will be forced to implement corrective fiscal policies over the forecast period, due to the risk of delaying their monetary union ambitions. In late 2004, Joaquin Almunia, the European Commissioner for Economic and Monetary Affairs, issued a public statement which highlighted the disparity between the aims of Hungary's EU convergence programme, a document containing a set of economic reform assumptions for entering monetary union by the end of the decade, and the extent of fiscal correction that took place in the past year.


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