As a sine qua non for the future of Hungary, everybody who can and will work should have a job. This is why a more simple and flexible employment legislation is necessary including particularly the rules on working time and fixed-term or temporary employment. Such an amendment is also one of the elements of the measures aimed at cutting red tape for employers.
The general government deficit excluding local governments stood at HUF 724.2 billion at the end of May 2011 or making 105.4 per cent of the annual projection. In 2010, the deficit of the central government level made up HUF 736.2 billion by the end of May or 84.6 per cent of the annual target. In the relevant period, the deficit of the central government level had been HUF 99.2 billion. In this context, the 2011 balance improved by HUF 41.2 billion.
The Government is determined to address the potential social and financial stability problems that arose from wide-scale foreign currency mortgage lending activity that took place in the years preceding the crisis.
Compared with this time one year ago, 18,000 more people are in employment in Hungary. According to the latest briefing from the Hungarian Central Statistical Office (CSO), between January and March 2011 the average number of those employed in businesses with at least five staff, budgetary institutions, and non-profit organisations surveyed was 2,642,000: 1.18 per cent higher than the figure of 2,611,000 for the same period last year.
Creating the “Strong Europe” chosen for the motto of the European Union’s Hungarian Presidency assumes a stronger European economy. Strong European economy requires fast and consistent implementation of structural reforms designed to serve rapid recovery from the crisis, improvement of Europe’s economic competitiveness as well as the long-term objectives of the Europe 2020 Strategy.
In order to provide for the successful implementation of the Structural Reform Programme those bottlenecks have been identified that, if handled effectively, will ensure the attainability of economic policy objectives. The Convergence Programme identifies two such bottlenecks: one is the present low level of employment and the other is financial risks.
In the first quarter of 2011 the demand for medium term government securities increased, among which very high demand appeared for the 5-year bonds, while demand for the 3-month discount treasury bills decreased.
György Matolcsy has replied to Olli Rehn
In view of the Informal Ecofin on April 8-9 in Gödöll, the Hungarian Presidency organised a high-level economic policy seminar at the end of March around the topic “economic growth and fiscal consolidation”. Lead speakers (from Bruegel Institute, the World Bank and the EBRD; and a former Swedish member of the Economic and Financial Committee) addressed the challenges Europe is facing at a time when fiscal consolidation needs to be pursued with determination, while post-crisis growth needs to be safeguarded and strengthened. The main findings of the seminar are as follows.
The Ministry for National Economy cordially invites you to the presentation of the flagship OECD publication