Central bank president: Orbán is wrong, government has no plans for the future
Economic policymaking already “took a wrong turn” in 2021, before the war in Ukraine and sanctions of 2022. This was said by György Matolcsy, the head of Hungary’s central bank (Magyar Nemzeti Bank, MNB) told MPs on Wednesday. The central bank president gave another gvernment-critical speech in parliament.
The president of the central bank had some sharp words towards the government
The MBH governor, presenting the bank’s report on 2021 in parliament, said Hungary was at risk of letting down future generations, who may justifiably ask why policymaking “went astray”. Matolcsy said that unlike in the previous 10 years, this time the government has no targets for the next 10 years. He added that Viktor Orbán is wrong when saying that performance should not be measured, hvg.hu reports.
The mistakes of the government
The central bank president also voiced many sharp words of criticism towards Viktor Orbán’s government. Portfolio reports that Matolcsy also spoke about:
- The mistakes of the 2010s have now caught up with Hungary.
- Food price caps have made matters worse, adding 3-4 percentage points to inflation. The productivity of the food industry is the second lowest in the EU.
- One of the biggest mistakes, apart from the price caps, was the government’s letting the budget go.
- The failure to reform education, higher education, the health industry and services is very painful, as these could have been part of a qualitative turnaround.
- Hungary has been been left behind by Portugal and Poland, Romania is very close to us and Croatia is going to skyrocket soon, so the question has to be asked: why are we in the bottom five in the EU?
Matolcsy, who had already criticised the government’s economic policy, concluded his speech by saying that he was not offended, frustrated or at odds with the prime minister. He said, however, that there was a difference of principle between the central bank and the government.
Read alsoHere is when the euro could arrive in Hungary
Source: MTI, hvg.hu, Portfolio.hu
7 Comments
Who payed for all the “ethnic Hungarian” bribes for votes, votes from people who do not and will not live here ever? WE did. Who payed for the bribes for votes to all the pensioners that could care less about the future? Who pays for all the money sent to transcarpathia? WE do. Who payed for all of severely overprices gas from Russia? WE did. If I hear our president say one more time how much she loves families while her government starves schools and hospitals I will throw up. WAKE UP, fellow Hungarians and take to the streets like they are doing in Paris and Athens!
A lot facts to digest in Mr. Matolcsy’s speech. Fun omission – he mentioned “the trap situation”, with national interest expenses potentially rising to 4.6% of GDP in 2024 – with no end in sight since we’re currently borrowing at 8.89 percent (10 year bond):
https://tradingeconomics.com/hungary/government-bond-yield
If you’re interested in seeing what is “normal” re European bond yields (facts), please scroll through this:
https://www.tradingview.com/markets/bonds/prices-europe/
More scary percentages in case you missed it: “at its 28 February meeting, the Monetary Council of the Hungarian National Bank (MNB) left its base rate unchanged at 13.00% for the fourth consecutive meeting. Moreover, the Bank left the overnight deposit rate and the overnight collateralized lending rate unchanged at 12.50% and 25.00%, respectively.”
https://www.focus-economics.com/country-indicator/hungary/10-year-bond-yield
I won’t hold my breath to wait and see just how Orbán and/or his henchmen will put a positive spin on all this, maybe he’ll just ignore it all together.
Or maybe György Matolcsy will be removed from his position and someone with more “favourable” comments towards the government will be appointed instead.
Yes, there is a difference of principle between the central bank and the government, being that the government has no principles at all. All they’ve done is distract and lie to us then blame all the misfortunes on everyone else.
It continues to PILE up, the devastating Wrongful agenda – there Policies – the style – the growing dictatorial style – of this Orban Government, that have been in POWER in Hungary, for the past 13 years.
Orbans road – the WRONG road, a dead end, for the FUTURE of Hungary.
The brand name Hungary – DESTROYED by this Orban Government.
Relationships just not the European Union – our RELATIONSHIP base with country’s has been DESIGMATED, by this Orban led Government.
Hungary – we are a DESERTED isolated country – separated, divorced by country’s – that EMBRACE practice and follow the ideas and philosophy of DEMOCRACY.
Hungary’s relationship with the European Union, N.A.T.O, Great Britain and the United States of America – SHATTERED.
The President of Hungary – what a ‘Puppet on a String” an embarrassment to Hungary she is.
Hungary – the entire componentry that drives our Economy – the BIG Picture – if you can find one positive in it – one MAJOR category of our COLLAPSED Economy, that you could say is STABLE – you are better than Harry Houdini.
Economically, Financially – then looking at the entire Infrastructure of Hungary – its in a COLLAPSING Trend.
Education – Public Health our Hospitals – in NEED of MASSIVE investment from this Orban Government – which will NOT Happen because of the misuse of our taxes, of European Union Funding, that monies spent on projects that the application of citizens NEEDS – the PRIORITIZATION of Orbans Government spending has been ABUSED.
Where is the BILLIONS of Forints for just Education and Public Health in Hungary – where is it GOING to come from?
Education – Public Health – very much functioning as 19th century operations – the billions of forints to bring us into the 21st century – where is the money to INVEST into these citizens public NEEDS going to come from?
Orban and his Government – they SHOULDER this cataclysmic disaster we Hungary are in.
Orban has Financially “broke” or bankrupted us – sending us as a country, into this spiralling downward trend as a country, that the end Nadir – who really is to know what that will be.
DEMOCRACY – gives us a RIGHT in an organised ORDERLY fashion to Demonstrate,
The Global world muchly are “up to pace” with the created mess through Orban we find ourselves.
Globally – this present Prime Minister of Hungary – has Insulted us as Citizens and Disgraced us Humiliated our reputation, an historic respected reputation, by his FLOORED political ideas and philosophy.
Interesting, the Salt March of Gandhi being exampled, as an act of objection by Hungarians, to it’s present Victor Orban led Government.
Speech that Gandhi made, why he never, being nominated 5 times been granted the Noble Peace Prize bewildering, but his speech, does contain lots that Hungarians should THINK seriously, deeply about.
Gandhi said;
“We believe that it is the inalienable RIGHT of the Indian people, as of other people, to have Freedom and to enjoy the fruits of their toil and have the necessities of life, so that they may have full Opportunities for growth.
We believe also that if any Government deprives a people of these Rights and Oppresses them – the people, the people have a further Right to alter it or Abolish it
The British Government in India has not only Deprived the Indian people of their Freedom but has based itself on the Exploitation of the masses, and has Ruined India economically, politically, culturally, and spiritually.
We believe, therefore, that India must sever the British connection and attain Purna Swaraji or complete sovereignty and self rule.”
Its INTERESTING reading again this masterful oritorical piece delivered by Gandhi, erasing words – replacing them with – Oban’s name, the Government of Hungary, the name Hungary, that could be of the Hungary – through Victor Oban & his Government, the dictatorship style, we are being somewhat forcedly made live in Hungary to-day.
History never Lies.
Hungarians our lives to-day, into the FUTURE – being told expected to live by political ideas – and Wrongful philosophy of a Prime Minister – Victor Orban – that grow, “mirroring” the BLACKENED years in Hungary 1945-1989, we the citizens have a “further right” to alter them or ABOLISH them.
Democracy – the RIGHT of People having a VOICE and there Freedom.
The weird thing: Mr. Matolcsy is definitely “establishment” and was always seen as a political appointee. He was economy minister in Mr. Orbán’s first government, nominated by none other than our Prime Minister in 2013 (“”he’s our man!”) and 2019.
From his appointment on, Mr. Matolcsy oversaw the central bank’s monetary easing measures to curb borrowing costs and flood the economy with cheap credit to boost our Politicians’ desire to growth – which in turn fueled inflation (yes – our inflation figure was already quite high: https://www.inflationtool.com/rates/hungary ).
In addition, he (and his family) are hardly undisputed – bit of a Politician thing, including former ones. Raises the question why he has become so openly critical in the past 6 months or so. Perhaps he’s REALLY seeing the red lights blinking and hearing the sirens blaring. Any which way, he still has a few years left on his 6 year appointment!