I've written a long essay for Foreign Affairs about the state of the country two years into the administration of Viktor Orban and his Fidesz Party. Here's an excerpt:
Hungary today is the first member state of the EU, a body that prides itself as the embodiment of classical liberal values, to tack sharply toward autocracy. Supporters of the EU often claim that it has the power to nudge the nations in Europe's periphery toward democracy. But the EU has never been confronted with this level of democratic backsliding from one of its own members. Indeed, were present-day Hungary to apply for EU membership now, it would not likely be admitted. The fate of the country over the next several years will test the foundational principles of the entire European project.
You can read the whole essay here.