Hungary hopes to exit excessive deficit procedure in May, June 2013.

By bne IntelliNews March 6, 2013
Hungary may exit the EUs excessive deficit procedure (EDP) in May or June 2013, portfolio.hu reported, quoting incoming economy minister Mihaly Varga as saying in an interview for local daily Magyar Hirlap. The 2013 state budget is in order and the government does not plan additional balance improving measures. Varga also vowed to support predictable fiscal policy if any adjustment is needed. The European Commission launched EDP against Hungary in 2004 for breaching the 3% GDP threshold of budget deficit. Hungary is among the six EU countries that may exit the EDP, thanks to the governments extra measures for consolidation, EC Vice President Olli Rehn said in February.

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