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

International Monetary Fund

No 2011/035, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; proposal; IMF staff assessment; funding; debt sustainability concern; debt; inflation expectation; IMF debt; press statement; IMF staff estimate; Pension spending; Fiscal stance; Global; Europe (search for similar items in EconPapers)
Pages: 58
Date: 2011-02-03
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