By World Bank
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Additional resources for Hungary: on the road to the European Union
Example text
The recent instability in international financial markets and the structural changes taking place in Hungary's balance of payments also suggest the need to rely less on foreign savings. As a result of its strong fundamentals, Hungary managed to weather well two major external shocks during 1998: an increase in profit repatriation by foreign firms, and the Russia crisis. 8 percent of GDP in 1998, due in part to a sharp increase in net profit remittances. While this increase partly reflected particular circumstances in a handful of multinationals, the increase is also an indicator of longer-term trends.
Telephone 9787508400, fax 9787504470. Please contact Copyright Clearance Center prior to photocopying items. For permission to reprint individual articles or chapters, please fax your request with complete information to the Republication Department, Copyright Clearance Center, fax 9787504470. All other queries on rights and licenses should be addressed to the World Bank at the address above, or fax no. 2025222422. ISBN: 00821346180 ISSN: 02532123 Cover photo: Széchenyi-Lánchíd (Szechenyi Chain Bridge); courtesy of Csaba Rafael, Hungarian News Agency.
Local governments. Preparing the public sector for the challenges of EU accession also requires increasing the efficiency of local governments in delivering public services. This issue is especially important since local government will be responsible for receiving and allocating a significant volume of EU transfers that are expected to follow EU membership. Improving the Delivery of Local Public Services and the System of Intergovernmental Finance Although local governments have been able to meet fiscal targets in recent years, there are still indications of inefficient delivery of services and strains in local finances.