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EU commission warns Hungary on deficit

01-12-2012 14:20 BJT

EU Monetary Affairs Commissioner Olli Rehn said Wednesday that Hungary has taken "no effective action" to contain its deficit within sustainable levels. He warned the EU member with sanctions.

Rehn pointed out that Hungary only remained within the 3 percent of its economic output target last year because of one-time measures and expected the same would happen this year.

Hungary, which is in the 27-nation EU but uses its own currency, has been sharply criticized for a new constitution that the EU fears hurts the independence of the country’s judges, its central bank and its data protection agency.

The latest warnings escalate the stand-off between Hungary’s government and the EU. Budapest could face negotiating an international rescue package from the EU and IMF, on which the EU treaties demand its central bank stay independent.

Meanwhile, discussions between Hungary and the IMF resumed on Wednesday in Washington.

 

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Editor:Zhang Rui |Source: CNTV.CN

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