Provided the European Union's decision on the EDP against Hungary is in line with its standard procedure, Hungary must be allowed to stand up from the dunce’s seat where it had been placed by former governments, Minister for National economy Mihály Varga said in an interview for political daily Magyar Hírlap.

The Minister said in the article that in the next two weeks the Ministry will try to convince EU officials that Hungary will be capable of keeping the general government deficit below 3 percent of GDP this year and next. The country could achieve this without the introduction of additional corrective measures, but as the EU has insisted, it was necessary to announce further adjustments.

Mihály Varga said he hoped that political and legal issues are not mixed up with fiscal affairs in Brussels.

The Minister also said he had not been informed at all by the three main credit rating agencies with regard to a potential upgrade for Hungary. “While markets are already with us, the credit rating agencies appear to be sticking to their old – professionally highly questionable – viewpoint”, Mihály Varga added.

(Ministry for National Economy)