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The European Commission recommended on May 29 that it should abandon the excessive deficit procedure for Hungary, which it imposed in 2012. Brussels recognized that Budapest has recently adopted a number of fiscal measures aimed at bringing down the deficit, including a freeze on spending in 2013 and 2014, equal to 0.3 per cent of GDP, explains Hungarian daily Népszabadsag. In its economic forecast published in early May, the Commission estimated Hungary's deficit to be 3 per cent of GDP in 2013 and 3.3 per cent in 2014.
The finance ministers of the 27 member states will decide whether to approve the proposal when they meet at the end of June.
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