In its 2012 report on Hungary’s convergence plan released on Wednesday, the European Commission said the country continued to face “serious challenges”, and progress towards meeting the 2011 Council recommendations had been “mixed”. “Hungary continues to face serious challenges in the short to medium term,” the report said.
It noted the European Council’s Jan. 2012 decision to pursue the Excessive Deficit Procedure issue new recommendations, which included bolstering the Fiscal Council.
“The Fiscal Council’s remit has been broadened but it still does not include crucial tasks,” the report said.
The report also said the government faced a “pressing challenge” to stick to its budget targets, adding that “wider reforms also remain necessary to promote the conditions for sustainable, investment-led growth”.
Read more: European Commission says Hungary faces “serious challenges” amid mixed progress in reaching fiscal targets - Realdeal.hu
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