At Poland’s initiative, nine EU Member States jointly applied to the President of the European Council and EC Commissioner responsible for economic and financial affairs for the costs accrued by the Member States, which had earlier implemented a pension reform, to be allowed by the EU in the settlement of national accounts.

Hungary joined the initiative aimed at the relevant part of EU Stability and Growth Pact to be revised since it would serve equal treatment purposes concerning the Member States. EU services are now considering the letter containing the joint statement in question.

Hungary implemented a pension reform in 1997 enlarging a fully pay-as-you-go pension system to include another pillar of a mandatory private pension fund as well. This measure was taken for the long-term sustainability of the pension system, and budgetary impact of the reform should be reflected in the accounting rules.