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Hungary's Orbán To "Renew" Central Bank, Markets Watchdog

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Hungary's Orbán To
"Viktor Orbán, head of Hungary’s main centre-right opposition party Fidesz, has held his state of the nation speech on Friday. His party is widely tipped to win a landslide victory against the Socialist Party (MSZP) in the April general elections. In his speech, Orbán stressed the importance of a firm hand in governing, job creation, family values, a better healthcare system, larger public safety and a fight against extremist views - the policy of "common sense", as he put it.


He also said that both the central bank (NBH) and the financial markets supervision (PSZÁF) need to be renewed as they are just as much responsible for ruining the economy as the government.

It's time

"There is a deep-rooted and all-encompassing need for a change," Orbán began his speech.

He said Hungary is considered as weak exclusively because of the feeble government.

"Hungarians simply became fed up with the poor governing. The country needs a strong leadership that can solve our problems domestically and have our voice heard abroad," Orbán said.

"It’s time for the weak to be replaced by the strong."

Eastern winds

The President of Fidesz pointed to the "unstoppably growing" importance and weight of Asia in the world economy. He stressed that while Hungary is sailing under a western flag, "the winds are blowing from the east."

He said the notion that Hungary has a small and open economy is a "myth". Half of the nations in the European Union are smaller than Hungary and yet "we are the only ones that complain about our small size."

Be clever, no extreme

"The key to survival is strength, intellect and diligence," Orbán said.

"We have a staggeringly lot of tough challenges ahead. [...] But now we have the strength to make a change. [...] The era of fear and failure will soon come to an end in Hungary," he added.

Orbán also criticized "every form of extremism", naming the current cabinet as one of the extremists for "placing their private needs above the interests of the public".

"Nothing new will spawn from hatred. [...] there is no strength in extremism."

Vendetta or not?

While he said political "revenge" will not be on their agenda if they come to power, he promised not to let the past governments’ mistakes slide.

"We need to correct the mistakes even if it wasn’t us who had made them. [...] but this does not mean we will turn a blind eye. [...] We will not let them [the Socialist gov’t] forget and make us forget the past eight years," Orbán pledged.

"We want a country where the law applies to everyone."

The buzz words

From Orbán’s speech it turned out the Fidesz cabinet would have five buzz words: Work, Home, Family, Order and Health.

Politics can find a way back to the people if these are placed in the centre of the next government’s policy, he added.

C.bank, watchdog not innocent bystanders

"Hungary needs to be rebuilt. The economy needs to be put back on its feet," Orbán stressed.

"The central bank and the market authority will also have to be renewed, as these and the government are jointly responsible for ruining the country."

He slammed the banks for using speculative means to make money instead of extending loans to businesses that go bust without capital. He also blamed the cabinet and the central bank to just stand and watch this.

Growth! Jobs!

"Hungary’s crisis management failed because it could not or possibly did not want to defend jobs," Orbán added.

"The only effective solution is to kick-start growth, almost at all costs," he said, reiterating that Fidesz aims to create one million jobs in the next ten years."

Source: Portfolio Online Financial Journal


08.02.2010




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