Hungarian economics minister György Matolcsy announced a new set of measures to keep the budget deficit on track as the European Union has signalled to them that the first package is not sufficient to fill the hole in the 2013 budget.

The sovereign debt crisis in Europe is having a negative impact on even non-eurozone countries like Hungary, but that does not diminish the need for Budapest to introduce the euro, Hungarian National Bank Governor András Simor said in Tokyo on Sunday.

Without austerity measures, Hungary will overshoot budget deficit goal in 2013 and the annual inflation rate is likely to climb to 5% from 3.4%. That is the projection by the National Bank of Hungary in its quarterly Report on Inflation.

The Embassy of Sweden, the Swedish Trade Council and leading Swedish companies are organizing a Swedish-Hungarian Innovation Forum on October 4, 2012. The key note address will be held by Swedish Foreign Minister, Carl Bildt.

At its meeting on 28 August, the Monetary Council reviewed the latest economic and financial developments and voted to reduce the central bank base rate by 25 basis points from 7.00% to 6.75%, with effect from 29 August 2012.

The German Business Club in Budapest (Deutscher Wirtschaftsclub – DWC) has been – for twenty years now – active in the Hungarian-German Business community and plays an important role in the field of networking.

Putting off accession to the euro-zone could harm the Hungarian economy, European Economic and Monetary Affairs Commissioner Olli Rehn responded to a question by Edit Herczog, a Hungarian member of the European Parliament.

A delegation by the International Monetary Fund and the European Union, which held talks on precautionary financial assistance to Hungary in the past eight days, will return to Budapest in September, Hungarian Prime Minister Viktor Orbán has stated.

Hungary's Parliament passed the controversial Financial Transactions Tax Act on Monday. The bill levying a 0.1% tax on transactions - except for those connected to credit - had 249 MPs voting in favor of the proposal vs. 94 against.

In Hungarian Parliament on Monday, Prime Minister Viktor Orbán presented a program to increase jobs, consisting of ten points including major cuts in social security contributions and new simplified taxes for small businesses.

As requested over the weekend by Hungary’s chief aid negotiator Mihály Varga, who saw the pressure on the Hungarian market, Hungarian Parliament put off the vote on the planned amendments to the central bank law on Monday.

The volume of Hungary’s retail sales grew by 0.5% month on month in March, according to data adjusted seasonally and by calendar effects, the Central Statistical Office (KSH) reported. In annual terms, sales in retail shops increased by 0.9%.

Hungary future IMF negotiator, Mihály Varga, expects formal negotiations with the International Monetary Fund (IMF) and the European Union on a financial assistance program start as soon as early summer thanks to meeting the preconditions for the talks.

European Union finance ministers adopted a Commission proposal to suspend Cohesion Fund commitments for Hungary from 2013, Margrethe Vestager, Danish Minister for Finance, told a press conference on Tuesday.

The European Commission found that financing granted to Hungarian flag carrier Malév between 2007 and 2010 in the context of its privatisation and renationalisation constitutes illegal state aid and must be repaid to the state.