In this regard, the T-20 can make a meaningful contribution towards addressing the key challenges on the G-20 agenda, of both the Sherpa and the Finance tracks. I am convinced that, in the coming years, we will collectively make further strides towards the accomplishment of the global objective of strong, sustainable and balanced growth.
The crisis last September had gravely impacted the Hungarian economy at nearly all levels. The sustainability of the debt path became uncertain, external financing resources dried up, the risk premium expected from Hungarian instruments dramatically increased, and we had to face a free fall in external demand in the real economy – all this happening at the same time.