Hungary could afford to drop the IMF agreement because the Hungarian state retained a strong position in the banking system, mainly through the OTP group, which has expanded regionally, and the local capital was protected for the MOL group to be able to remain independent, while the Romanian state has settled for the yes-man position, without any proactive strategy to reboot the economy even now, says former banker Nicolae Danila.

He ran the biggest Romanian bank, BCR, for seven years, which he would have seen developed as a " national champion" with international operations, as well.

"I still believe that a banking system controlled by domestic capital to a significant extent is the key element that can give strength and autonomy to a country and allows it to consolidate inside and look at expanding the operations of national companies abroad. It is one of the competitive edges retained and increased by most countries, Hungary included," Danila says.

Over the past decade, as repeatedly asked by the IMF and the European Union, the Romanian authorities have taken steps to increase the share of foreign capital in the banking system, so that it currently accounts for 80% of the market.

Danila believes the Hungarian authorities did their homework well and parting with the IMF is not a superficial or populist decision. "Background elements encouraged them and made them make the current decisions, which actually are not about short-term effects, but contribute to implementing a strategy to exit the crisis and to restart the economy with medium and long-term impact."

Hungary could afford to drop the IMF agreement because the Hungarian state retained a strong position in the banking system, mainly through the OTP group, which has expanded regionally, and the local capital was protected for the MOL group to be able to remain independent, while th