Hungary Awaiting Announcement to be Removed from EDP List

Hungary is awaiting the announcement that the European Commission may make soon, proposing that they remove the country from the bloc’s list of fiscal offenders next month. The Commission’s economic and monetary affairs spokesman, Simon O’Conner, said that he will make no comment until May 29.

Hungary has been on the list since joining the bloc in 2004. The finance ministers will meet on June 21.

Were Hungary to exit the European Union’s Excessive Deficit Procedure, it would be a big political victory for Prime Minister Viktor Orban. PM Viktor Orban has managed to save Hungary from financial collapse by cutting the budget deficit after years of terrible economic management.

Orban said earlier this month that the government will be adopting fiscal measure to ensure that the country’s deficit stays below the EU ceiling of 3% of the gross domestic product in 2013 and 14. Orban has reported at a Brussels news conference that “based on mathematical calculations” they should be removed from the EDP list.

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