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The paper presents the main features of the policies which were followed by the left-liberal governments between 2002-2010. It sketches the state of the economy in Hungary in spring 2010, the most important measures taken by the Orbán government and the challenges, open questions and problems which need to be solved. It describes the most important political, economic, business, social, institutional and regional effects of Hungary’s EU membership, and in the end tries to sum up some important questions about the possible future.