Hungary chose the national institutional framework in 2007 -Existing local experience in public financial engineering programs since early 1990s -More flexibility in designing the institutional setup -Faster implementation Rationale behind a national institutional framework EU legislation provides two possibilities for the institutional framework Contracting the European Investment Fund National Main features In the case of Hungary advantages of the national set-up outweigh the EIF solution -Took part in the preparation of the JEREMIE Initiative -Fix institutional structure with less perceived national authority 3
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