Insight

A rupture with Governor Matolcsy triggered Marton Nagy’s ousting from the National Bank

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Hungary , monetary policy , National Bank of Hungary

Disagreements with Governor Matolcsy over policy led to the dismissal of Marton Nagy as Deputy Governor of the National Bank of Hungary (NBH). Nagy’s appointment as advisor to PM Orban is likely a bridge to a more meaningful position. Nagy’s relationship with Matolcsy – as well as others at NBH – had long been fraught with tension. He forged a good personal relationship with Finance Minister Mihaly Varga, whose relationship with Matolcsy is strained, further offending Matolcsy when exhibiting ambition to take over the Governor’s position once his mandate expired. Their personal relationship became untenable when in March Nagy secured

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