Hungary Economic Crisis

1673 words 7 pages
POLYTECHNIC OF NAMIBIA
HAROLD PUPKEWITZ GRADUATE SCHOOL OF BUSINESS

Case Report: Hungary Economic Crisis and a Shift to the Right

Angula DiCaprio

Business Economic Analysis
(BEA910M)

6 August 2012

Contents
Executive Summary 3

Problem Identification and Analysis 3

Floating of the Currency (Forint) 3

A shift to the Right 3

Feud with the IMF 4

Crisis Taxes 4

Renationalisation of Pensions 4

Governance 5

Monetary Policy and Central Bank Independence 5

The Media Law 5

Loophole Legislating 5

Statement of Key Problems 5

Hungary had two major problems, namely: 5

Political Climate 6

A Shift to the Right 6

Governance and Legislation 6
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This move was criticised worldwide, causing Hungary to amend the problematic sections of the media law.

Loophole Legislating

Fidesz enacted many of these controversial policies through a loophole in the Hungarian legislating system. Instead of introducing bills to the parliament through the Prime Minister’s office and his government, the Fidesz controlled parliament introduced legislation through individual Members of Parliament, which imply them to be voted on immediately.

Statement of Key Problems

Hungary had two major problems, namely:

Political Climate

A Shift to the Right

In several European democracies, one of the significant political developments of the post 1980 period was the emergence of a far right, characterised by ethno-nationalism, racism, xenophobia, authoritarianism and strong state (Heper & Ince, 2006). As per the given article, the Hungary right wing government had launched attacks on perceived enemies both inside and outside of Hungary through tightening immigration laws, using anti-minority to build political support, a real movement towards political far right. Systematic inequalities in political participation have potentially worrisome consequences for democracy. They might bias the political process in favour of those who are better situated, thus creating a

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