2  BIS central bankers’ speeches  As a result of the adjustment measures adopted since 2006, the deficit has been reduced substantially, and several sub-systems of general government have undergone major structural changes. The systems for education, health care, welfare benefits and local governments have all been changed.
These changes have led to an improvement in the balance in the short term, but their effects on fiscal sustainability will only be manifested in the longer term. Since the onset of the crisis, fiscal tightening has faced strong headwinds. The fiscal room for manoeuvre of Hungarian governments has been continuously diminishing, and easy-toplay cards have become scarce.