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Hungary needs steady, moderate reforms, not shock therapy, says PM

Hungary needs a moderate but continuous policy of reform, not shock therapy, Prime Minister Ferenc Gyurcsány told a forum on Friday.

“I don’t believe in shock therapy, I think the consequences are unbearable both in terms of society and economic policy,” Gyurcsány told the forum organized by the American Chamber of Commerce, the Joint Venture Association and the German-Hungarian Chamber of Industry and Commerce.

Instead of shock therapy, Gyurcsány proposed gradual reforms, such as reducing state administration and cutting taxes and contributions.

There is no solution that will turn the country around from one day to the other. To become competitive will require “steady, balanced work”, he said. He said competitiveness has not only economic but also social aspects, stressing the importance of developments in the field of education, culture and science. (MTI-Econews)