Ecofin, the economic council of the EU Ministers of Finance requested yesterday the reduction of budget deficit and the raise of emergency budget reserves in Hungary. According to the Hungarian Ministry of Finance this proposal means the acceptance of the remedial programme of Hungarian economy. Sanctions for the great deficit cannot be brought against Hungary as it is not a member of the eurozone yet. Tibor Draskovics, Minister of Finance said Ecofin approved of the convergence programme and Hungary would meet the demands of joining the eurozone by 2008 so the country could introduce euro in 2010.
Translated by Péter Szentmihályi Szabó
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