EU Finance Ministers decided at the Council meeting held on 13 of March to suspend €495,2 million in scheduled commitments for Hungary and they adopted a recommendation under the EU's excessive deficit procedure for this country. In addition, the Council adopted conclusions on the Commission's alert mechanism report for the early detection of macroeconomic imbalances, and discussed the proposed Directive aimed at establishing an EU-wide financial transaction tax.

At the meeting held on 13 of March, the Council decided to suspend 29% of scheduled commitments for Hungary form the EU's cohesion fund in 2013 in the light of its failure to comply with the Council's recommendations under the excessive deficit procedure and following Commission's proposal. The suspended commitments amount to €495,2 million and a maximum level of 0.5% of nominal GDP. Moreover, the Council adopted a recommendation to Hungary on measures to be taken in order to bring its government deficit below the EU's reference value of 3% of GDP in a sustainable manner.

With regard to Greece, the Council adopted adjusting fiscal consolidation measures required of Greece under the EU's excessive deficit procedure in the light of an agreement reached recently between the Greek government and its private creditors on a voluntary bond exchange and it was welcomed by the Eurogroup. The decision paves the way for the disbursement of financial assistance under the second economic adjustment programme for Greece.

On the other hand, the Council adopted conclusions on the Commission's alert mechanism report for the early detection of macroeconomic imbalances. In the light of the report's findings, it welcomed the Commission's intention to undertake in-depth analyses aimed at clarifying the nature of and the risks associated with observed developments in a number of member states.

The Council also held an exchange of views on the so-call “Tobin tax”, i.e. the proposal for a directive aimed at establishing an EU-wide financial transaction tax. Ministers decided to further analyse the Commission's proposal, whilst also exploring possible alternative routes. Furthermore, they asked the Commission to provide an assessment of the tax contribution made by the financial sector, and to provide a clearer picture of the costs associated with financial regulation in general.