Hungarian central banker resigns

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Series Details 08.04.13
Publication Date 08/04/2013
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A deputy governor of Hungary’s central bank resigned on the 8 April 2013, warning that the bank’s new management team had insufficient qualifications and experience for the job.

Julia Kiraly, an economist whose six-year term as deputy governor was due to end in July 2013, wrote to Janos Ader, Hungary’s president, saying decisions made since governor Gyorgy Matolcsy – a controversial former economy minister – became governor last month could cause 'serious damage' to both the bank and national economy.

The resignation marked a new twist in the battle for control of the central bank which began when Viktor Orbán, the centre-right prime minister, and his Fidesz party, won a two-thirds majority in elections three years earlier.

Mr Orbán made no secret of his hopes for the removal of András Simor, the previous governor. That caused concerns about the independence of the central bank in Brussels and at the European Central Bank.

Related Links
ESO: Background information: Commission closes infringement procedure on the independence of the Hungarian central bank
ESO: Background information: Orbán stands firm in central bank dispute / EU agrees to open IMF talks with Hungary
Népszabadság, 09.04.13: ‘Júlia Király resigns’ (via PressEurop)
BBC News, 08.04.13: Hungary central bank deputy in protest resignation

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