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Orban Defends Hungarian Economic Policy

Published: June 13, 2012; 11:50 · (Vindobona)

The Hungarian Prime Minister Viktor Orban met Austrian policymakers in Vienna. The Hungarian bank tax should be replaced by a financial transaction tax.

Orban Defends Hungarian Economic Policy / Picture: ©

Yesterday, Orban arrived in Vienna and met Austrian policymakers. The Austrian Prime Minister Werner Famyann underlined to promote the traditionally good relationship with Hungary. The cooperation within the EU should be intensified in order to conquer the crisis, Faymann said.

Orban, whose decisions were rather controversial from the Austrian point of view, defended the the economic policy of the Hungarian government. Orban underlined the sovereignty of his country and the right of national solo runs.

The bank tax, which was introduced in 2010, would be brutal, Orban admitted. The Hungarian Prime Minister explained that he would have concrete plans for Hungary´s economy. This would be the reason for the introduction of the disputed bank tax two years ago.

However, the bank tax should be replaced by a financial transaction tax gradually. Banks should not be affected directly. In 2013, the bank tax is planned to be halved. The details of the government´s plans should be worked out, Orban said. Moreover, the tax on retail chains should be abolished next year. The Austrian retail chain Spar, which employs 2,500 workers in Hungary would enjoy a high reputation, Orban said.

After the meeting with Faymann, Orban had talks with Austria´s Vice Chancellor Michael Spindelegger, Erste Group´s CEO Andreas Treichl, the President of the Austrian Chamber of Commerce Christoph Leitl and the head of the Austrian Federation of Industries Veit Sorger.