EU: Hungary's Budget Stability Crucial
Saturday November 19, 11:56 am ET
EU's Barroso Says Hungary's Budget Stability Crucial for Full Membership in EU
BUDAPEST, Hungary (AP) -- Hungary's fiscal stability is crucial if it wants to fully join the European Union by adopting the euro, EU Commission President Jose Manuel Barroso said Saturday.
Barroso made the comments after talks with Hungarian Prime Minister Ferenc Gyurcsany on the EU and Hungarian budget issues.
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"In EU circles we are convinced that it could be very negative to the general climate if Hungary didn't balance out its budget deficit," said Barroso, who is the president of the EU's executive office.
Last week, EU officials said Hungary could lose EU infrastructure funding if it failed to take steps to cut its increasing budget deficit, which is expected to exceed 6 percent of gross domestic product next year, more than double the 3 percent EU limit.
Gyurcsany said he wanted to preserve social benefits and continue infrastructure development as long as Hungary maintains its economic growth rate.
"We know that a number of adjustments need to be made to achieve a more modern and functioning state," he said. "Hungary is building and the country is investing in its future," Gyurcsany said.
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