Hungary's President Laszlo Solyom said on Tuesday that he has set up a "Council of Elders" with four experts renowned in Hungary and abroad, to analyse plans for developing education and tackling corruption in the country.

Solyom said the Council would be assisted by two other expert groups and it would prepare a report by mid-year 2009.

The councillors will be economist Sandor Lamfalussy, law professor Eva Joly, medical professor Peter Csermely and engineer Istvan Fodor.

Hungary has for many years battled with grave social and economic problems; the economy is in a worrying state, social cohesion is deteriorating and people lack a positive view of the future, Solyom said.

There cannot be a way out of the current financial crisis unless the country deals with structural issues, he added.