Throughout the 1990s and at the dawn of the new millennium, Hungary was the poster child for the transition to a market economy in central and eastern Europe. It had arguably the most stable political regime – no snap elections, no major scandals, no appetite for radicals. The economy was also on track.
Alternating right- and left-wing governments privatised at a breakneck speed, attracted greenfield foreign investment like no other country in the region and showed a solid commitment to macroeconomic stability. During that period, Hungary delivered the region’s fastest convergence to western Europe – both politically and economically.
