This study offers from the beginning a survey about the institutional construction in the pre- and post-adhesion stages to European Economic and Monetary Union, about the exchange rate mechanism applied by the different countries and about convergence criteria.

­The literature devoted to economic development concerns itself in a growing de­gree with the role and importance of institutions­­­

A number of macroeconomic troubles led the Hungarian Government to the introduction of an adjustment program in July 2006.