Memo: Commission adopts Recommendation asking Hungary to take steps to correct deficit

The European Commission adopted on the 6 March 2012 a Recommendation for a Council Recommendation asking Hungary to take steps to correct its excessive deficit in a sustainable and credible manner by 2012.

The Council of the European Union adopted at the EcoFin Council on the 13 March 2012 a decision suspending €495.2m in scheduled commitments for Hungary under the EU's cohesion fund, taking effect as of 1 January 2013.

It also issued a recommendation1 under the EU's excessive deficit procedure, setting 2012 as the target year for correction of Hungary's deficit.

ESO: Background Information: Hungary hits at Brussels funds threat http://www.europeansources.info/record/hungary-hits-at-brussels-funds-threat/

Council of the European Union: Press Release, PRES/12/103: Hungary: EUR 495.2 million in cohesion fund commitments suspended http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/128917.pdf

BBC News, 13.3.12: Hungary aid frozen by EU over budget deficit http://www.bbc.co.uk/news/business-17357626

EUObserver, 12.3.12: Hungary feels the heat of new EU budget rul http://euobserver.com/19/115561

Népszabadság, 14.3.12: Budapest hit by first round of sanctions http://www.presseurop.eu/en/content/news-brief/1624191-budapest-hit-first-round-sanctions

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