29 March 2022

Governor of the Magyar Nemzeti Bank György Matolcsy participates in this year’s Boao Forum for Asia (BFA). Founded in 2001 and held every year since, the BFA is the most influential economic forum on the Asian continent, often compared to the World Economic Forum in Davos in terms of recognition. The event, which meets in Bo’ao in China’s Hainan island province, is regularly attended by members of the world’s economic and political elite. The Magyar Nemzeti Bank has also been a participant for years.

The theme of this year’s event, which takes place from 28 to 31 March, is ‘An uncertain world: Solidarity and cooperation for development in the face of challenges’. More than 160 speakers from around the world will seek common solutions to the challenges facing a global environment impacted by successive economic shocks. As BFA Chairman Ban Ki-moon said, ‘Uncertainty remains the word of the year’. In his view, there is reason for hope and optimism, but unfortunately there is still cause for concern and there will be work to be done. The former UN Secretary-General is optimistic about the future: he believes that technology and innovation are what will lead the world out of recession and new mediocrity and into the next wave of global prosperity.

This year, György Matolcsy, Governor of the MNB was invited to two roundtable discussions and, on the margins of the Forum, held talks with high-level leaders such as Yi Gang, Governor of the People’s Bank of China, Chen Huaiyu, Vice Governor of Hainan Province, and Zhou Xiaochuan, Vice Chairman of the BFA.

György Matolcsy first participated in the Conference’s keynote panel discussion entitled ‘Inflation, stagflation and interest rate rises: A tightrope walk’ on Wednesday, where speakers sought answers to the question of how to strike and maintain a balance between monetary policy’s fight against inflation and supporting economic growth. The speakers agreed with Governor Matolcsy’s statement that currently the optimal borderline between tightening monetary policy and preserving economic growth potential is thin indeed, but there is no sustainable growth without financial stability. The Governor added that the biggest challenge of the 21st century is that we need to shift from today’s quantitative growth to a qualitative growth structure in order to create environmental sustainability and to embark on a sustainable growth path.

The Governor of the MNB will be a keynote speaker at the roundtable discussion entitled ‘Financial infrastructures and services in the digital age’ on 31 March, with Zhou Xiaochuan, Vice Chairman of the BFA, and Doni P. Joewono, Deputy Governor of Bank Indonesia.

For more details about the Conference, see: https://www.boaoforum.org/ac2023/index_2.html

MNB Communications