Looking back at [Hungary's] current economic state 20 years from now, we will concede that along with a change in households' borrowing habits, limiting foreign currency lending to some extent was also a necessary step toward a successful crisis management, MNB deputy governor Júlia Király said at a conference in Debrecen.
Király envisaged Hungary in 2030 with a sustainable 2%-2.5% growth rate, a steady government debt and as a member of a future European Monetary Fund, which will be remembered as the 20the country to join the eurozone.
It is not only ordinary people but also the governments that need to reconsider their borrowing habits and rely more on spending cuts than foreign loans as a means to foster growth and welfare, Király said.
Mass forex borrowing has made vulnerable not only Hungary's households but also its financial intermediaries and ultimately the entire country, she said. (Napi)