EU finance ministers decided to endorse the European Commission’s recommendation of May 29 to abrogate the excessive deficit procedure (EDP) for Hungary. The country has been in the EU’s fiscal cuffs since its accession to the bloc in 2004.

The member states of the European Union advocate sound budget policy. That was the conclusion observers drew from the two-day informal meeting of Economic and Finance Ministers (ECOFIN) in Hungary this past week-end.