Hungary Needs Streamlining To Offset Disadvantage - MOL CEO
December 01 2011 - 4:15AM
Dow Jones News
If Hungary continues to fail in implementing structural reforms,
its growing regional disadvantage will prove lasting, president and
chief executive officer of energy firm MOL Nyrt (MOL.BU) Zsolt
Hernadi said.
Hungary has a tradition of trying to solve its problems with
sweeping measures, that never prove effective and are followed by a
period of depression, Hernadi said Thursday at a conference.
Hernadi noted that the Hungarian government's special taxes on
profitable industries and additional burdens for the banking sector
only show a desperate need for central revenues. However, if a
system is unable to make itself more efficient as Hungary has
failed to achieve in the past 20 years, and takes rash measures to
raise revenues, it creates a distorted economic environment, he
added.
Hernadi said that the government approach of finding overnight
solutions is perceived negatively by the private sector, and this
will have unfavorable consequences since economic growth can only
be achieved through the involvement of profit-based capital.
-By Gergo Racz, Dow Jones Newswires, +36 30 452 3980;
gergo.racz@dowjones.com
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