Magyarország: a siker forrásai
Hungary: the sources of success

Summary/Abstract: Except for indicators measuring macroeconomic stability, Hungary tends to perform well when it comes to indicators that can be considered objective. Nevertheless, when it comes to indicators that also include subjective elements, the country keeps slipping further behind its competitors each year. What is truly notable, even compared to the other new EU member states, is the tendency towards macroeconomic instability. Still more spectacular is the instability of fiscal policy. The latter is especially problematic because if we consider the countries that managed to break out of previously unfavourable situations – such as Ireland and Sweden, but also Estonia – we find that achieving macroeconomic stability was the foremost goal of economic policy. We also find that in order to achieve this, transparent institutions – by which we mean the entirety of customs and rules that determine the range of accepted behavioural norms in a society – were created in parallel with the implementation of fiscal adjustments. Hungary can only break out of its current situation if it undertakes a systematic examination of international experiences, since a compatible strategy can only be composed of compatible elements. In the meantime, in accordance with international best practices, we must create institutions that help these processes.

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