| |
| |
wiiw Seminar Series
'Crisis Management in Central, East and Southeast Europe: What is
to be done?' |
|
 |
George
Kopits, Chairman of the Fiscal Council, Republic of Hungary
Hungary’s Macroeconomic Policies in the Shadow of the Global
Crisis
14 December 2009, 5 p.m. |
| |
|
|
Against
the background of loose fiscal policy, though accompanied by
a cautious monetary stance, by October 2008, Hungary had become
vulnerable to the global crisis. However, thanks to a rapid
policy correction, supported with EU and IMF financing, a full-fledged
domestic financial crisis was averted. At present, Hungary is
engaged in continued fiscal adjustment in combination with structural
steps, including adoption of a rules-based policy framework.
Such commitment technology should help restore policy credibility
and set the basis for sustained economic growth.
George Kopits holds a Ph.D. in economics from Georgetown University.
He began his professional career in 1968 at the US Treasury
Department (Office of the Secretary). In 1974, he joined the
International Monetary Fund (European and Fiscal Affairs Departments),
where he served as Assistant Director until 2003. During 2004-09,
Mr. Kopits was a Member of the Monetary Council, National Bank
of Hungary. In February 2009, he was elected by Parliament as
Chairman of the Fiscal Council, Republic of Hungary. In addition
to involvement in fiscal and monetary policymaking in Hungary
and the United States, Mr. Kopits headed technical assistance
missions on public policy issues to several countries. Mr. Kopits
has held visiting academic appointments at Bocconi, Budapest,
Cape Town, Central European, Johns Hopkins, Siena, and Vienna
universities. He authored more than fifty publications. Recent
titles include: 'Inflation Targeting under Stress', Central
Banking (November 2008); 'Fiscal Indulgence in Central Europe:
Loss of the External Anchor?', Scottish Journal of Political
Economy (February 2007). In addition, he has been an occasional
contributor to various newspapers, including the Financial
Times and Wall Street Journal. |
| |
|
|
