The Hungarian government is committed to reducing the budget deficit further next year as well as carrying out structural reform measures, Prime Minister Viktor Orban’s chief economic advisor said Tuesday, but Hungary will not be able to set a target date for adopting the euro for two to three years.
The government will ensure that the budget deficit in 2011 is lower than this year’s, Gyorgy Szapary told a conference in Bratislava, news agencies Dow Jones Newswires and Reuters reported.
The government will target a 2011 budget shortfall that will still leave room for tax cuts to stimulate growth, Szapary said, adding that it won’t shy away from much-needed structural measures.
Structural reforms are in the making in the areas of education, health and the railways, he said.
Hungary currently meets none of the Maastricht criteria for the adoption of the single currency.
“Right now we don’t have a growing environment, and that’s not going to be very soon,” Reuters quoted Szapary as saying.
Hungary currently meets none of the Maastricht criteria for the adoption of the single currency.
….and that is a blessing for Hungary!!!! Very positive news…
Every Hungarian will surely rejoice when the forint stands at 400 to the Euro …