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
Politics of Hungary g. Politics Can Be Different) The Judiciary is independent of the executive and the legislature. Hungary is an independent, democratic and constitutional state, which has been a member of the European Union since 2004. Since 1989 Hungary has been a parliamentary republic. Legislative power is exercised by the unicameral National Assembly that consists of 199 members. Members of the National Assembly are elected for four years. The Economist Intelligence Unit has rated Hungary as "flawed democracy" in 2016. The President of the Republic, elected by the National Assembly every five years, has a largely ceremonial role, but he is nominally