At the same time, it has to meet this year's 3.8pc-of-GDP deficit target, in line with an agreement with European Union partners, and bring the gap under 3pc in the coming years, Mr Matolcsy said. At the same time, the government wants to create the conditions for growth, he added.

    The government will carry out restructuring in 2011 and 2012, reforming the public administration system, reducing bureaucracy, cutting taxes and simplifying the tax system, Mr Matolcsy said.

    Monetary policy must become more flexible, he said, adding that the National Bank of Hungary is not duly taking advantage of monetary policy tools that can stimulate the economy.

    Hungary is closing a 20-year period of struggle and starting a 20-year period of success that will culminate in the country's GDP reaching 105pc of the EU average by 2030, Mr Matolcsy said.