Budgeting in Hungary

This review of the Hungarian budget process was carried out in May 2006. The review covers budget formulation, budget execution, parliamentary approval, accounting and auditing, and sub-national financing. Hungary has modernised its budget process over the last ten years, first as part of the pre-ac...

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Main Author: Kraan, Dirk-Jan
Other Authors: Bergvall, Daniel, Hawkesworth, Ian, Krause, Philipp
Format: eBook
Language:English
Published: Paris OECD Publishing 2007
Subjects:
Online Access:
Collection: OECD Books and Papers - Collection details see MPG.ReNa
Summary:This review of the Hungarian budget process was carried out in May 2006. The review covers budget formulation, budget execution, parliamentary approval, accounting and auditing, and sub-national financing. Hungary has modernised its budget process over the last ten years, first as part of the pre-accession programme and then, since EU accession in 2004, in connection with the Convergence Programme 2005-08. Nevertheless, there remain some shortcomings which include the focus on the actual (non-cyclically adjusted) deficit, the focus on the budget year rather than the medium term, the lack of rules of budgetary discipline, and the lack of transparency concerning forecasts and outcomes. Hungary's long-term growth record and general economic outlook are good, but institutional reform to correct these shortcomings is important for fiscal consolidation and macroeconomic stability
Physical Description:63 p