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.

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 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.

The European Commission sees clear signs in the measures in Hungary’s reform package that the country is on the right track towards fiscal consolidation, European Commissioner for Economic and Monetary Affairs Olli Rehn said in Brussels.

The European Commissioner for Economic and Financial Affairs, Olli Rehn has contacted the Hungarian government in writing, asking for a list of planned reform steps, the Hungarian business daily Világgazdaság said on Tuesday.