EU Commission to take further action on Hungary deficit

BRUSSELS: Hungary has not made sufficient progress in tackling its excessive deficit, the European Commission said in a statement on Wednesday, adding that it would take the next step in its excessive deficit procedure against the country.

"Today the European Commission concluded that Hungary has not made sufficient progress towards a timely and sustainable correction of its excessive deficit," the EU's executive arm said.

"The European Commission proposes to move to the next stage of the Excessive Deficit Procedure and recommends that the Council of Ministers decides that no effective action has been taken to bring the deficit below 3% of GDP in a sustainable manner."