We had victorious battles. And will there be more? - Thoughts on the public finances of the regime change, in particular for the period 2010-2022

Abstract

The study focuses on more than three decades of the regime change process and discusses its main public finance aspects. The author's professional opinion is that the active state-led economic management built up after decades of failure, brought financial balance, economic growth, and a tangible increase in solvent demand after 2010. By re-incorporating the experiences of well-coordinated legal regulation and continuous economic reviews into the regulation, a comprehensive public finance model with significant differences compared to the previous ones was created, which also created harmony between fiscal and monetary management for the better. However, the success is only partial, which can be seen from the international competitiveness rankings revealed towards the end of the decade, and especially from the responses to the economic effects of Covid-19 and the Russian-Ukrainian war after 2020. Maybe we did a lot, but not enough?