Former National Bank of Hungary (MNB) governor Péter Ákos Bod is of the view that the macroeconomic trajectory outlined by the Hungarian government is achievable with a normal market economy.
Addressing an annual conference of economists in Eger (NE Hungary), Péter Ákos Bod highlighted the nationalization of voluntary pension savings in 2011 in explaining why it is a bit hard to imagine a normal market economy in Hungary, as society went through one or two unpleasant episodes.
Péter Ákos Bod said being close to the euro has already been reflected in HUF 100 billion of savings and this will continue in the future. He believes it will be a kind of normalization if the Hungarian economy adopts the euro, if the state refrains from interfering in the structuring of bank loans, and if prices are determined by supply and demand rather than by the authorities.
It is clear to see for everyone that a market economy and competitive economy mechanisms are needed, he added.
He summarized that the event’s topics covered many external and internal “shocks,” ranging from demographics to artificial intelligence, movements in U.S. Treasury securities, inflation data, rising gas prices, and the impact of the Russia-Ukraine war. He called “the euro’s proximity” the biggest announcement.
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