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Debt consolidation quote

It creates sales markets for busi nesses, declares the economic policy of open ing to the East, while it continues to view the European Union as its major ally and partner. It seeks to finance the operation of the state by optimising the tax system, in other words, creating extra tax revenues through reorganis ing the public dues system. Instead of using the loans granted by international financial institutions (IMF, World Bank) and observing the economic advice attached to them, it seeks to solve the financing of the central budget by using internal resources and the inclusion of new “eastern” partners. After comprehen sive fiscal and monetary reforms, the second quarter of 20139 saw the beginning of marked and continuous economic expansion in Hungary.

The state consolidation of local govern ments that took place between 2011 and the spring of 2014 was extended to another seg ment of public finances.

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The act on local governments used the provi sions of the former Constitution to define the operative rules for local governments, which replaced the Soviettype council system of the socialist centrally planned economic system. The local governments with broad responsi bilities were given a high degree of autonomy in terms of financial management as well as in the area of restructuring.

The National Assembly continued to en act laws in order to strengthen the economic foundations of the local government system, which provided more leeway for local govern ments and which were required to create an environment for effective operation and eco nomic independence. In addition to the act on local taxes, the State Property Act apply ing to local governments, which was enacted in 1991 by the National Assembly, played a crucial role in providing economic independ ence for local governments. The Local Gov ernment Act provided that the ownership of – among others – public utility companies owned by councils, the education, healthcare, cultural and other institutions run by the lo cal councils, state tenement flats, all financial assets, all securities and other economic rights of the councils should be transferred to the lo cal authorities. Some of the assets were trans ferred to local governments pursuant to the Act on Local Governments, while others were transferred by the property transfer commit tees set up for this purpose. It was at this time that legal background and the organisational framework for targeted and earmarked subsi dies were created.

 However, the local government system that began to develop in the 1990s saw a signifi cant decentralisation of tasks from the state and the central budget, but the deployment of tasks was not followed by the decentralisa tion of central resources, so by the turn of the millennium, there was a significant operating deficit in the local public finance subsystem. It became quite common for the local gov ernments to use development resources, espe cially investment loans, secretly, for operating expenditure.

The decentralisation of tasks that began in the middle of the 1990s resulted in the decentralisation of deficit within public finances and soon afterwards the total debt of public finances also got into a decentralisation vacuum.

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After becoming a fullfledged member of the European Union in 2004, new develop ment subsidies became available for local gov ernments. They were able to use significant EU and domestic grants provided for development purposes for investments, renovation and the procurement of equipment implemented in order to create, maintain and develop the in frastructure required to carry out their tasks. With the emergence of European resources, the subsidy system of domestic development projects has changed. Point 1 of Chapter 2 of National Assembly Resolution No. 67/2007 (VI. 28.) on regional development support and the principles of decentralisation defines the need for the concentration of purely do mestic resources not meant for cofinancing to ensure that they are used efficiently.