BRUSSELS: The European Commission said on Tuesday it is pushing Hungary to make extra efforts to meet a fiscal deficit target of 2.5 percent of economic output this year and expects EU finance ministers to discuss the issue at a meeting next week.
The EU's executive said that if finance ministers agreed on the issue, Hungary would have until September to show it is on course to reach the goals.
"Hungary would be asked for an additional fiscal effort to meet the government's own deficit target of 2.5 percent of GDP in 2012," the Commission said in a statement.
Hungary's deficits have exceeded the European Union's threshold of 3 percent of gross domestic product since it joined the bloc in 2004 and could lose access to 495 million euros in EU funds if it does not act in reducing its fiscal deficit.
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