Mr. Navracsics also defended Prime Minister Victor Orban’s handling of the Hungarian economy, which is recovering from the severe shock of the financial collapse in 2008.
Mr. Orban has cut income taxes but increased some corporate taxes. He has cut the budget deficit, and hopes to get borrowing down to 3 percent of GDP this year.
However, the International Monetary Fund remains unimpressed and has criticized Mr. Orban for interfering in the market and for “unpredictable tax policy changes.”
Mr. Navracsics pointed out that Hungarians make on average less than $1,000 a month. Unemployment was about 11 percent and inflation 5.6 percent last year.
“There is no place for financial orthodoxy,” he said.
• Call Embassy Row at 202/636-3297 or email jmorrison@washingtontimes.com. The column is published on Mondays, Wednesdays and Fridays.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
James Morrison joined the The Washington Times in 1983 as a local reporter covering Alexandria, Va. A year later, he was assigned to open a Times bureau in Canada. From 1987 to 1989, Mr. Morrison was The Washington Times reporter in London, covering Britain, Western Europe and NATO issues. After returning to Washington, he served as an assistant foreign editor ...
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