György Matolcsy made further criticism of economic policy in his article on Monday, among other things, he lacked a unified vision of the country and the measurement and feedback of the state.
In his article published on Növekedés.hu, the Governor of the Magyar Nemzeti Bank (MNB) dissects the use and absence of “negative and positively charged” economic terms – vision, measurement, quality of life – believing that they strengthen or weaken the country’s chances of success.
He wrote that “Hungary does not have a unified and clear vision today. The need to catch up with Austria is not accepted by political leaders, although it would be an obvious goal both geographically and historically. ”
He notes that the official goal
To be in the EU TOP 5 by 2030 in terms of livable country and work is not a real vision because the goal is not measurable.
“If the goal is not measurable, then it doesn’t exist. Our competitors all have a strong and clear vision, we lack it, so the charge and impact of the word are negative for us today ”.
He emphasizes that if all performance is measurable, there can be feedback on everything. According to György Matolcsy, the measurement is weaker in the field of the operation of the state today, therefore the feedback level is the lowest here, and the chances of adjustment accordingly. In the economy, it measures measurement and feedback to be particularly poor in terms of public investment. “Since we’re aiming to restart the economy through public investment, and even catch up, it’s a priceless hidden loss,” he said.
Although there are measurements in the field of competitiveness, the Governor complains that in addition to the mixed-reliability measurements used at the international level, the MNB’s factual measurements could be relied on, but this is not the case. “Hungary does not have a long-term competitiveness program, an effective institutional network that takes care of this, and an adjustment decision-making process that also provides feedback. This deficit is a hidden and strong negative factor in sustainable catching-up, ”he wrote.
Hungarian quality of life surveys are also rare, and the feedback based on them, which can be used in government, business and family decisions, is weak, according to György Matolcsy, who believes that this is a major impediment to Hungary’s sustainable catching-up model, but lies in the quality of life.
The central bank governor also complains that the word combination “sustainable catching up” is not yet known in Hungary, as its absence, as he wrote, in itself slows down everyone’s success. He remarked, “if there is no word, a word magnet, then the reality belonging to it cannot be born”.
After 2010 and 2019, Hungary built the most successful decade after the Trianon in 100 years, but they were also more successful: the Romanians, the Baltics and the Poles performed much better. “In fact, we ourselves have been better. Between 1998 and 2002, in five years, we approached the then EU average by 8.8 percent. In the last ten years, the same figure has been less than 8 percent. ”
Said the central bank governor.
Finally, he states that “strange as it may seem, words, word magnets and narratives have a crucial role to play in this. Let us listen to the wisdom of our faith: + In the beginning was the Word. + ”.
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