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21st November, 2019

EC issues warning on deficit target

In its ongoing Significant Deviation Procedure, the European Commission (EC) warned Hungary on adjusting to its medium-term budget deficit objective on Wednesday.

The EC found that the government has taken no effective action in response to its earlier recommendations.

The EC urges the government to make structural adjustment measures equal to 0.75% of GDP in 2020 in order to keep the net rise in primary budget expenses below 4.7%.

In April, the EC suggested adjustments equivalent to 1% of GDP, Portfolio highlights.

The government is to respond to the suggestions by April 15, 2020. (portfolio.hu; napi.hu; hvg.hu; index.hu)
21st November, 2019

MNB prepares consumer-friendly home insurance

After drawing up regulations on consumer-friendly mortgages, the MNB is developing regulations to introduce consumer-friendly home insurance policies, the financial authority announced on Wednesday.

Insurance companies may submit their products for approval from January 10, 2020. The first approved products will hit the market in the first quarter of next year.

Clients will be able to choose from more transparent, simpler and more flexible home insurance products, the MNB said. (portfolio.hu; magyarhirlap.hu; nepszava.hu; napi.hu; origo.hu)

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