Hungary: Staff Report for the 2010 Article IV Consultation and Proposal for Post-Program Monitoring

February 3, 2011

Preview Citation

Format: Chicago

Hungary: Staff Report for the 2010 Article IV Consultation and Proposal for Post-Program Monitoring, (USA: International Monetary Fund, 2011) accessed December 23, 2024

Summary

Hungary was severely affected by the crisis. The financial sector has remained resilient throughout the crisis. The Central Bank (MNB) paused in mid-2010 and has tightened interest rates by 50 basis points since November in response to a sharp rise in risk premia and higher headline inflation prints. The importance of addressing financial sector vulnerabilities is discussed. Executive Directors welcomed efforts to support distressed mortgage holders, as long as moral hazard and fiscal costs are contained. A medium-term framework was implemented.

Subject: Banking, Expenditure, External debt, Fiscal policy, Fiscal stance, Pension spending, Public debt, Revenue administration

Keywords: CR, Debt, Debt sustainability concern, Europe, Fiscal stance, Funding, Global, IMF debt, IMF staff assessment, IMF staff estimate, Inflation expectation, ISCR, Pension spending, Press statement, Proposal

Publication Details

Pages:

58
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/035
Stock No:

1HUNEA2011001
ISBN:

9781455216642
ISSN:

1934-7685

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