Breaking: Excessive deficit procedure launched against Hungary

An excessive deficit procedure will be launched against 7 EU countries, including Hungary, following a Commission decision, the Ministry of Finance confirmed. The ministry, headed by Mihály Varga, said that there is no need to react to the procedure with immediate measures, as the deficit in Hungary will be below 3% by 2026.

Excessive deficit procedure to be launched

Hungary will also be subject to an excessive deficit procedure in the near future, ATV.hu has learned from the Ministry of Finance. “Based on the European Commission’s decision, an excessive deficit procedure will be launched against seven countries, so it is not only Hungary,” the ministry, headed by Mihály Varga, confirmed to ATV.

The ministry added that member states do not need to react to the procedure with immediate measures: the budget deficit should be reduced gradually. The press department of the Ministry of Finance told ATV that the deficit could be 4.5% in 2024, and will be reduced to 3.7% next year and below 3% in 2026.

The European Commission announced in mid-June that it could launch an overspending procedure to prevent countries from ending up in a situation similar to the one that started in 2008, Telex writes.

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