Accelerated Infringement Proceedings

>> 13/03/2012: Hungary: EUR 495.2 million in cohesion fund commitments suspended 
>> 07/03/2012: Hungary - Commission asks for additional information on central bank's independence
>> 07/03/2012: Hungary – Commission takes further steps on infringements
>> 06/03/2012: Commission adopts Recommendation asking Hungary to take steps to correct deficit
>> 17/01/2012: European Commission launches accelerated infringement proceedings against Hungary
>> 17/01/2012: Infringements: Frequently Asked Questions
>> 17/01/2012: Statement by President Barroso on the opening of accelerated infringement proceedings against Hungary

Economic forecasts for Hungary

The Commission publishes macroeconomic forecasts for the EU and the Member States twice a year, in the spring (May) and in the autumn (November). These forecasts are produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN) and include a chapter on Hungary.

DG ECFIN also produces more limited "interim forecasts" in February and September, which contain one-year projections of GDP growth and consumer price inflation for the euro area, the EU and seven large Member States.
>> Macroeconomic forecasts and interim forecasts

Balance of payments (BoP) assistance for Hungary

>> 21/11/2011: Statement of the European Commission on the request by Hungary of possible financial assistance
>> 11/04/2011: Commission's mission to Hungary welcomes commitment to structural reform and calls for further details on deficit cuts
>> 22/07/2010: European Commission and IMF meet with the banking community active in Hungary
>> 17/07/2010: Commission postpones conclusion of fifth review on the EU's balance of payments assistance to Hungary
>> 10/06/2010: Commission visit to Hungary for informal discussions>> 15/02/2010: European Commission concluded its fourth review of the EU medium-term financial assistance to Hungary
>> 19/11/2009: Commission concludes third review of the EU balance-of-payments assistance for Hungary
>> 10/07/2009: EU releases third instalment of Community financial assistance to Hungary
>> 13/03/2009: EU about to release second instalment of €6.5 billion Community financial assistance to Hungary
>> 09/12/2008: EU provides €6.5 billion Community financial assistance to Hungary

Monitoring the budgetary situation in Hungary

1. Assessments of Hungary’s convergence programme

As required by the Stability and Growth Pact, at the end of each year Hungary submits an update of the medium-term fiscal strategy it first presented in January 2007. Euro area Member states submit stability programmes while countries outside the euro area submit convergence programmes. Based on an assessment by the Commission prepared by DG ECFIN, the Council adopts an opinion on each programme.

>> All programmes of Hungary, Commission assessments, Council opinions, working documents

2. The EU Excessive deficit procedure and Hungary

Currently, Hungary is subject to an excessive deficit procedure.

>> Excessive deficit procedure for Hungary

3. The Public finance report and Hungary

The Commission’s annual public finance report prepared by DG ECFIN – entitled " Public Finances in EMU" – includes comments on Hungary.

Hungary and the euro

Hungary has not yet adopted the euro as its currency. It will join the euro area as soon as it fulfils the necessary conditions as defined in the 'Maastricht' convergence criteria. Progress toward meeting these criteria is assessed by the Commission and the European Central Bank in regular convergence reports.

>> Commission convergence report covering Hungary
>> Hungary and the euro

Hungary and economic policy coordination in the EU

As part of the Europe 2020 strategy for a smart, sustainable and inclusive EU economy, Hungary reports each spring on the implementation of its national reform programme (NRP).

>> National reform programme and Commission assessment

ECFIN publications and Hungary

1. The EU and Hungary

>> EMU@10: successes and challenges after 10 years of Economic and Monetary Union (European Economy 2/2008)
>> Enlargement, two years after - an economic evaluation (Occasional Papers 24/2006)

2. Country focus on Hungary

The Country Focus series produced by DG ECFIN provides a concise analysis, set within the broader economic and policy debate, of a topical economic issue concerning one or more Member State(s). Country Focus issues on Hungary are listed below, the most recent first.

>> Public finance reform in Hungary: light at the end of the tunnel? - László Jankovics (February 2008)
>> The impact of fiscal policy in Hungary (November 2007)
>> Housing subsidies in Hungary: curse or blessing? (November 2005)
>> Hungary's policy mix: from stabilisation to crisis to...? (May 2004)