Hungary’s Macroeconomic Policies in the Shadow of the Global Crisis

14  December 2009    5:00 pm CET

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.