Press Release: Hungary: Commission assesses convergence programme and makes new recommendations under excessive deficit procedure

The European Commission on 16 February 2005 recommended that Hungary take additional steps to correct its budget deficit in order to ensure a healthier budgetary path. The recommendation followed the conclusion by the European Union Finance Ministers in January 2005 that the country had not done enough to reduce its excessive deficit. The new recommendations, made under Article 104.7 of the EU Treaty, also took into account the Commission's assessment of Hungary's updated convergence programme.