Economy of Hungary city competitiveness ranking by EIU, Budapest is ranked above Tel Aviv, Lisbon, Moscow and Johannesburg, among others. Hungary maintains its own currency, the Hungarian forint (HUF), although the economy fulfills the Maastricht criteria with the exception of public debt, but the ratio of public debt to GDP is significantly below the EU average at 75.3% in 2015. The Hungarian National Bank—founded in 1924, after the dissolution of Austro-Hungarian Empire—is currently focusing on price stability with an inflation target of 3%. In the age of feudalism the key economic factor was land. The new economic and social orders created private ownership
Currency Act the debt from King William’s War. Other colonies quickly followed suit, and by 1715 ten of the thirteen had resorted to the issuance of paper currency. Economist Stanley Finkelstein highlights the advantage of paper currency, “that unless it is backed by specie it is cost free currency.” The paper currency depreciated quickly because the colonies printed more than what was taxed out of circulation. By 1740, Rhode Island bills of exchange were only four percent of face value and those of Massachusetts were eleven percent. The money supply was growing at a much faster rate than that of the overall