{
  "title": "Hungary: Staff Report for the 2010 Article IV Consultation and Proposal for Post-Program Monitoring",
  "publication": "IMF Staff Country Reports, February 3, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/hungary-staff-report-for-the-2010-article-iv-consultation-and-proposal-for-post-program-24614",
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  "summary": "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",
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      "heading": "Executive summary and macro-financial findings",
      "content": "- Hungary was severely affected by the crisis.\n- The financial sector has remained resilient throughout the crisis.\n- 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.\n- The importance of addressing financial sector vulnerabilities is discussed.\n- Executive Directors welcomed efforts to support distressed mortgage holders, as long as moral hazard and fiscal costs are contained.\n- A medium-term framework was implemented."
    },
    {
      "heading": "Policy assessments and recommendations",
      "content": "- Support for distressed mortgage holders is endorsed conditionally: moral hazard and fiscal cost containment are required.\n- Addressing financial sector vulnerabilities is highlighted as an important policy priority.\n- Monetary policy actions: MNB’s pause in mid-2010 followed by a tightening totaling 50 basis points since November in response to risk premia and inflation developments.\n\n---\n\n Content in this bundle\n\n- cr1135\n  - cr1135 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1135 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 3, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455216642.002",
    "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.",
    "Support for distressed mortgage holders is endorsed conditionally: moral hazard and fiscal cost containment are required.",
    "Addressing financial sector vulnerabilities is highlighted as an important policy priority.",
    "Monetary policy actions: MNB’s pause in mid-2010 followed by a tightening totaling 50 basis points since November in response to risk premia and inflation developments.",
    "**_cr1135**"
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