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Szentkirályi, Balázs

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Hírszerző - Hungary | 06/04/2009

No leeway for reforms

News portal Hírszerző comments on the economic policy plans of Gordon Bajnai, the current Hungarian minister of economy and designated prime minister who has no party affiliation: "They are nonetheless necessary. On the basis of what has been published up to now above all public sector employees and people who receive social security will have to bear the brunt of the Bajnai package. … New and rigid economy measures would however only be fair if the decisionmakers worked on restructuring the distribution systems and cutting taxes. Otherwise we'll be left with austerity measures the impact of which will disappear within a brief period of time unless they are backed by structural reforms. … However it's already too late for structural reforms. … Bajnai's planned austerity measures will leave absolutely no leeway for fundamental reforms; after all the country is facing two elections (the European Parliament elections in June 2009 and  the parliamentary elections in spring 2010) … The Hungarian government has manoeuvred itself into a dead end: it can neither stimulate the economy by boosting demand nor can it afford major tax cuts because it simply lacks the financial room for manoeuvre."

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