The Macroeconomic and Institutional Context of the 2012 Budget

Abstract

In my paper, I look at the 2012 budget from two distinct points of view. Approaching from the perspective of the economic environment, I describe the most important lessons and relevant empirical experiences of budgetary adjustments as well as the top-ical macroeconomic and budgetary processes providing the foundation for next year’s budget. The second half of the paper dis-cusses the institutional environment of the adoption of the budget. The paper presents the tasks related to the preparation and adop-tion of the 2012 budget, providing assistance for the legislative work of Parliament adopted by the Fiscal Council and which also follow from the new Constitution adopted in April. In addition, I shall also give an overview of the analyses provided by the Hungarian National Bank (MNB) to be used by the Fiscal Council in its relevant work.