Did Orbán accidentally reveal the new Governor of the National Bank of Hungary?
György Matolcsy’s second term as Governor of the National Bank of Hungary is set to conclude in spring 2025, prompting the need to find his successor. Prime Minister Viktor Orbán has dropped hints, pointing towards two ministers. So, who will be the next Governor of the National Bank of Hungary?
The clock is ticking
As Világgazdaság reports, Hungarian Prime Minister Viktor Orbán has hinted at an impending decision regarding the next Governor of the National Bank of Hungary (MNB). With György Matolcsy’s second term set to end in spring 2025 and legal restrictions preventing him from serving a third term, speculation about his successor has been mounting. Orbán suggested on social media that a decision on Matolcsy’s replacement was imminent, bringing the country closer to discovering who will be the next head of the MNB.
Criticism towards the current Governor of the National Bank of Hungary
In a recent Facebook post, Viktor Orbán shared key insights from a private speech delivered at the Dobozy mansion. He revealed a new economic plan, termed the “peace budget”, aimed at achieving 3-5% economic growth by 2025 while maintaining fiscal balance. Orbán highlighted wage dynamics, the need to increase family allowances in response to inflation, and a small business programme reminiscent of the Széchenyi Plan. He also directed sharp criticism at the current Governor of the National Bank of Hungary, György Matolcsy, suggesting that he has not been supportive of the government’s fiscal policies.
Who will be Matolcsy’s successor?
Prime Minister Viktor Orbán hinted at significant changes to Hungary’s economic governance, referencing Ludwig Erhard, the German Chancellor renowned for his role in post-war economic recovery. Orbán suggested that Hungary needs its own Erhard—a senior minister with control over both economic and budgetary tools. He hinted that Márton Nagy, who is currently overseeing economic affairs, could take on this enhanced role. Meanwhile, Orbán implied that Mihály Varga, the current Finance Minister, might be appointed as the new Governor of the National Bank of Hungary in March 2025. This potential restructuring could see the Ministry of Finance and the Ministry of National Economy merged, reflecting a model used in previous Orbán administrations. It should be noted, however, that Mihály Varga has dismissed the rumours of his appointment as “fake news”.
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Amazing-it should be Orbán. Ultimately, he is the one responsible for appalling inflation and the constant slide of HUF.
If Matolcsy is to be replaced by one of Orbán’s clannish cliques, the outcome may not be as anticipated for the economic well-being of Hungary.