György Matolcsy (born 18 July 1955,

Budapest Budapest (, ; ) is the capital and most populous city of Hungary. It is the ninth-largest city in the European Union by population within city limits and the second-largest city on the Danube river; the city has an estimated population ...

) is a Hungarian politician and economist, current governor of the

Hungarian National Bank The Hungarian National Bank ( hu, Magyar Nemzeti Bank (MNB)) is the central bank of Hungary and as such part of the European System of Central Banks (ESCB). The Hungarian National Bank was established in 1924 and succeeded the Royal Hungarian St ...

(MNB). He also served as Minister of Economy (2000–2002) during the first cabinet of

Viktor Orbán Viktor Mihály Orbán (; born 31 May 1963) is a Hungarian politician who has served as prime minister of Hungary since 2010, previously holding the office from 1998 to 2002. He has presided over Fidesz since 1993, with a brief break between 20 ...

and Minister of National Economy (2010–2013) in the Second Orbán Cabinet.

Career

In 1977, he graduated from the Faculty of Economics of

Corvinus University of Budapest Corvinus University of Budapest ( hu, Budapesti Corvinus Egyetem) is a university in Budapest, Hungary. The university currently has an enrolment of approximately 9,600 students, with a primary focus on business administration, economics, and so ...

, at that time known as the Karl Marx University of Economics and Industry, and in 1981 received a PhD in economics from the same institution, the only university in Hungary before the fall of Communism where one could graduate from economics. He worked as an expert in economic institutions. In 1990 he became for a brief period of parliamentary secretary in the Prime Minister

József Antall József Tihamér Antall Jr. ( hu, ifjabb Antall József Tihamér, ; 8 April 1932 – 12 December 1993) was a Hungarian teacher, librarian, historian, and statesman who served as the first democratically elected Prime Minister of Hungary, holdin ...

period. In 1991-1994 he was a representative of the Hungarian Government, the

European Bank for Reconstruction and Development The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies. Initially focus ...

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

, including a deputy director in the period 1991-1994, and in 1994 director of the bank. After returning to the country was among others

Fidesz Fidesz – Hungarian Civic Alliance (; hu, Fidesz – Magyar Polgári Szövetség) is a right-wing populist and national-conservative political party in Hungary, led by Viktor Orbán. It was formed in 1988 under the name of Alliance of Young ...

's economic expert, member of the

National Assembly In politics, a national assembly is either a unicameral legislature, the lower house of a bicameral legislature, or both houses of a bicameral legislature together. In the English language it generally means "an assembly composed of the repre ...

, and in 2000-2002, minister of economy. In 2003 he joined the Fidesz. On 29 May 2010 he became minister of national economy in the second Orbán cabinet. He said in October 2011 the return to talks with IMF would be a "clear sign of weakness".Gyengeséget jelent - mit mondott a kormány az IMF-ről korábban?
Origo.hu, 17 November 2011; accessed 18 November 2011 He also said in the Parliament on 14 November 2011, just four days before the ministry's announcement, in a response to a Jobbik politician, "the government forming its economic policy against this three-letter institution MF" On 17 November 2011 the Ministry of National Economy said "government is starting negotiations on a new type of cooperation with the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...

(IMF) in the course of scheduled consultations." On 1 March 2013, Prime Minister Orbán nominated Matolcsy to the position of the Head of the

(MNB). Orbán said "performance and the facts point towards one man, and that is György Matolcsy." The

Hungarian forint The forint (sign Ft; code HUF) is the currency of Hungary. It was formerly divided into 100 fillér, but fillér coins are no longer in circulation. The introduction of the forint on 1 August 1946 was a crucial step in the post-World War II stabi ...

had steadily dropped when became official information that Matolcsy will be appointed governor. He took the office on 4 March, replacing

András Simor András Simor (born 17 May 1954) is a Hungarian economist, who served as governor of the Hungarian National Bank (MNB) from 2007 to 2013. He was replaced by György Matolcsy. Career He holds a degree in International Finances from the Budapes ...

. He is the author of publications in the field of economics. The book, entitled Economic Balance and Growth, was published on 5 March 2015 and was translated and published in English in December 2015. It is the first of the Magyar Nemzeti Bank's book series.

Criticism

Numerous economists and banking experts have been critical of Matolcsy's unorthodox actions regarding the

's monetary policy, including former

World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...

director

Lajos Bokros Lajos András Bokros (born 26 June 1954) is a Hungarian economist, who served as Minister of Finance from 1995 to 1996. He was a Member of the European Parliament for Hungary in the 2009–2014 session. He was the leader of the Movement for a M ...

and

Raiffeisen Bank Raiffeisenbank refers to cooperative banks in Europe that are rooted in the early credit unions of Friedrich Wilhelm Raiffeisen. The name is found in: * Raiffeisen Bankengruppe (Austria), Austrian group of cooperative banks. ** Raiffeisen Zentralba ...

(Hungary) former CEO Péter Felcsuti. In an English language interview with Hungarian news website The Budapest Beacon, Bokros criticized Matolcsy for being a political appointee who knows nothing about monetary economics. Felcsuti said of Matolcsy, "To suggest that he is a lunatic wouldn’t be fair. He has a view which is basically very critical of the neoliberal economic school. It’s very Keynesian. He doesn't believe in the market and he believes much more in the government that guides or directs the market. I’ll say that much about him. These are things that can be said within the frame of academic debate." In 2019 the Supreme Court of Hungary ruled that there was sufficient factual basis that accusing György Matolcsy of stealing public money did not constitute libel.

References

External links

*MTI ki kicsoda 2009, Magyar Távirati Iroda Zrt., Budapest 2008, 729. old.
Matolcsy's infopage at the Hungarian Parliament's portalBiography at the Fidesz party's portal
{{DEFAULTSORT:Matolcsy, Gyorgy 1955 births Living people Hungarian economists Governors of the Hungarian National Bank Government ministers of Hungary Fidesz politicians Members of the National Assembly of Hungary (2006–2010) Members of the National Assembly of Hungary (2010–2014) Politicians from Budapest Corvinus University of Budapest alumni