Hungary - Economic policy

Short-term priorities:

• consolidation of the independence of the National Bank, particularly with regard to government borrowing.

Assessment (November 2000)

No measure has been taken to consolidate the independence of the National Bank as regards government borrowing.

Assessment (November 2001)

Some progress has been made in this area.

Assessment (October 2002)

A large number of objectives have already been achieved on the basis of previous accession partnerships. The 2002 partnership report therefore focuses on very specific outstanding issues and does not provide an overview of Hungary's preparedness for economic and monetary union.

Assessment (November 2003)

Please refer to the fact sheets on the adoption of the Community acquis.

Medium-term priorities:

• regular review of the joint assessment of economic policy priorities, within the Europe Agreement framework, focusing on satisfying the Copenhagen criteria for membership of the Union and the acquis in the area of economic and monetary policy (co-ordination of economic policies, submission of convergence programmes, avoidance of excessive deficits);
• while Hungary is not required to adopt the euro immediately upon accession, it is expected to pursue policies which aim to achieve real convergence in accordance with the Union's objectives of economic and social cohesion, and nominal convergence compatible with the ultimate goal of adoption of the euro.

Assessment (October 1999)

Hungary completed a first Joint Assessment in 1997 and is progressing on the second Joint Assessment. Hungary has also continued to progress in its preparation for joining Economic and Monetary Union. The government deficit has been further reduced and the inflation rate has declined. The National Bank is pursuing an exchange rate policy which will result in the forint being linked entirely to the euro by 1 January 2000.

Assessment (November 2000)

No progress has been made on this priority

Assessment (November 2001)

Some progress has been made in this area.

Assessment (November 2003)

Please refer to the fact sheets on the adoption of the Community acquis.

Following the signing of the Accession Treaty on 16 April 2003, Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia acceded to the European Union on 1 May 2004.

REFERENCES

Decision 99/850/EC of 06.12.1999Official Journal L 335 of 28.12.1999

Commission opinion COM(97) 2001 finalNot published in the Official Journal

Commission report COM(98) 700 finalNot published in the Official Journal

Commission report COM(1999) 505 finalNot published in the Official Journal

Commission Report COM(2000)705 finalNot published in the Official Journal

Commission Report COM(2001) 700 - SEC(2001) 1747Not published in the Official Journal

Commission Report COM(2002) 700 final - SEC(2002) 1404Not published in the Official Journal

Commission Report COM(2003) 675 final - SEC(2003) 1205Not published in the Official Journal

Treaty of Accession to the European Union [Official Journal L 236, 23.09.2003]

Last updated: 19.11.2004