European Parliament Library

Hungary :, 2008 Article IV Consultation: Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion

The Article IV Consultation highlights the financial system risks that have increased reflecting both the global financial market turbulence and continued rapid credit growth in Hungary. With most new borrowing in foreign currency, the private sector’s net foreign currency liabilities increased. Monetary policy has been appropriately tightened, and the elimination of the exchange rate band has removed a potential conflict between monetary policy objectives. Executive Directors called for enhanced collaboration with foreign supervisory authorities given Hungarian banks’ close links with financial institutions abroad
Table Of Contents
Cover; Contents; I. Staff Appraisal and Summary; II. Context; III. Outlook-Risks to External Stability Remain High; IV. Fiscal Policy-Further Consolidation Required; V. Monetary Policy-Higher Interest Rates May Be Necessary; VI. Financial Stability-Risks Need To Be Addressed; Tables; 1. Main Economic Indicators, 2003-09; 2. Demand Components of GDP, 2002-07; 3. Balance of Payments, 2003-09; 4. Net International Investment Position, 2002-07; 5. Staff's Illustrative Medium-Term Scenario, 2003-13; 6. Consolidated General Government, 2003-09
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (48 p.)
Specific Material Designation
Form Of Item

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