Press Release: Commission re-assesses budgetary situation of Hungary

Given a substantial deterioration of the budgetary outlook in Hungary, the European Commission on 20 October 2005 recommended to the Council to decide for the second time in 2005 that the Hungarian government had failed to take effective action to correct its deficit. The deficit targets that the Hungarian Government had set itself for 2005 and 2006 were to be missed by a large margin, calling into question the 2008 deadline for correcting the deficit below the 3% Treaty reference value.

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