Hungarian Prime Minister Viktor Orbán has nominated Finance Minister Mihály Varga to serve as the next Governor of the National Bank (Central Bank) of Hungary. Orbán made the announcement during his regular Friday morning radio interview, where he also confirmed that Varga had accepted the nomination. The position, currently held by György Matolcsy, will become vacant in March 2025.
The prime minister added that he had submitted the nomination proposal to parliament. ‘Mihály Varga is Hungary’s most experienced economic politician and economist,’ Orbán said. He also remarked: ‘From 1 January, we will undoubtedly be operating under a different economic governance system.’ Orbán noted that he would be happy to discuss the details of this new system in December.
Mihály Varga responded to the news of his nomination in a Facebook post shortly afterward. ‘I am deeply grateful for the Prime Minister’s honourable invitation. I will continue to dedicate my work to ensuring Hungary’s stability and prosperity,’ he wrote.
Minister of National Economy Márton Nagy also responded to the announcement. Speaking to Index, Nagy stated that Varga would be an excellent leader of the central bank. ‘He will be able to support economic growth with new proposals while strengthening stability,’ he said.
Long Years in Politics
Mihály Varga has had a distinguished political career. He joined Fidesz in 1988 and was elected to the Hungarian Parliament for the first time two years later. Varga previously served as Finance Minister during the first Orbán government (1998–2002). From 2010 to 2012, Varga held the position of State Secretary for the Prime Minister’s Office in the second Orbán government. Until 2013, he served as minister without portfolio, overseeing relations with various international financial institutions.
From March 2013 to March 2018, Mihály Varga served as Minister of National Economy in the second and third Orbán governments. Starting in March 2017, he was also a member of the National Competitiveness Council. In 2018, he was appointed Minister of Finance and simultaneously served as Deputy Prime Minister for the Economy until 2022. Since 2022, he has continued to hold the position of Minister of Finance.
Eastern Opening and Matolcsy
György Matolcsy has served as governor of the central bank since 4 March 2013, but no individual may hold the position for more than two terms. Like Mihály Varga, Matolcsy was a member of the first Orbán government, serving as Minister of Economy from 2000 to 2002 and as Minister of National Economy in the second Orbán government from 2010 to 2013.
Matolcsy has been instrumental in shaping the Hungarian government’s ‘Eastern Opening’ policy and is recognized as a respected expert in China. Under his leadership, the central bank launched the Eurasia Forum, which has since evolved into one of the region’s largest conferences, bringing together Eastern and Western experts, business leaders, and politicians. Prime Minister Orbán also delivered the opening remarks at this year’s conference, emphasizing that the era of Eurasia has arrived and describing Hungary as the embodiment of the Eurasian idea.
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Author: Joakim Scheffer
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