Hungary’s Macroeconomic Policies in the Shadow of the Global Crisis
14 December 2009 5:00 pm
George Kopits, Chairman of the Hungarian Fiscal Council
wiiw, Rahlgasse 3, 1060 Vienna, lecture hall (entrance from the ground floor)
Against the background of loose fiscal policy, though accompanied by a cautious monetary stance, by October 2008, Hungary had become vulnerable to the global crisis. However, thanks to a rapid policy correction, supported with EU and IMF financing, a full-fledged domestic financial crisis was averted. At present, Hungary is engaged in continued fiscal adjustment in combination with structural steps, including adoption of a rules-based policy framework. Such commitment technology should help restore policy credibility and set the basis for sustained economic growth.