The European Union (EU) on Monday expressed its support to Hungary's efforts in safeguarding financial stability and market confidence in the wake of the slump of forint, the country's currency.
In a joint statement by the EU Council and the European Commission, the EU promised to "use all available instruments" to help Hungary to get through the difficult situation.
"We are committed to use all available instruments with a view to supporting Hungary in steering its economy through these difficult times and to withstand the market pressures that have emerged in spite of the improved macroeconomic and financial policies undertaken by the authorities in the last years, including the significant reduction in the government deficit since 2006," said the statement.
The EU said it welcomed the readiness of the International Monetary Fund (IMF) to consider providing technical and financial assistance as needed to Hungary, and promised to "stands ready to use all tools available" to complement possible IMF financial assistance.
It added that it is in close consultations with the Hungarian authorities and the IMF to ensure that any conditionality attached to possible IMF financing is consistent and mutually reinforcing with EU policy advice.
Amid the worsening global financial crisis, the forint declined to a two-year-low around 272 per euro last Friday.
Source: Xinhua
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