Magyar Nemzeti Bank (MNB), the central bank of Hungary hosted the 10th edition of its flagship international event, the Lámfalussy Lectures Conference on Monday, 27 January, 2025. The conference commenced with an opening speech of György Matolcsy, Governor of the MNB, followed by Christine Lagarde, President of the European Central Bank (ECB), Jeffrey D Sachs, Professor of Economics at Columbia University and Viktor Orbán, Prime Minister of Hungary. The event continued with two panel discussions, where prominent financial and economic leaders reviewed current central bank-related topics, and a high-level roundtable discussion that explored the legacy of Alexandre Lamfalussy and its relevance in the present-day economic landscape. At the Gala event preceding the Conference, two awards were presented: this year the Lámfalussy Award was received by Christine Lagarde, President of the ECB, while the Popovics Award - named after the first governor of the MNB - was received by Csaba Kandrács, Deputy Governor of the MNB.
The main theme of the tenth edition of the Lamfalussy Lectures Conference was ‘The Age of Geoeconomics: Evolution of Central Banking’, which reflects on the need of central banks repositioning themselves and adjusting their monetary policies to a new geopolitical landscape. In his opening speech, Governor Matolcsy stated that the MNB was hosting a jubilee event: the tenth occasion of the Lamfalussy Lectures Conference took place one hundred years after the MNB's foundation. Governor Matolcsy expressed his appreciation of Baron Alexandre Lamfalussy, emphasising that the “father of the euro” vastly contributed to economic stability in Europe and the integration of the continent.
President Christine Lagarde, this year’s Lámfalussy Awardee delivered a pre-recorded speech recalling the significant influence Alexandre Lamfalussy had on the development of the eurosystem and highlighting the independence of central banks. Professor Jeffrey D Sachs shared his insights on principles of the new world economy. The opening session was concluded by Prime Minister Viktor Orbán, who delivered a keynote address.
Following the high-level opening of the conference, two panel discussions and a celebratory roundtable discussion took place. The first panel discussion delved into the monetary policy implications of the newfound vulnerabilities triggered by geopolitical changes, while the second panel discussion explored one of the most topical questions of today’s central banking: interaction between fiscal and monetary policy.
The tenth edition of the Conference provided a special occasion to dedicate the event to the memory of Baron Lamfalussy highlighting what Alexandre Lamfalussy’s legacy could teach the central bankers of the next 100 years. Therefore, at the cornerstone of the conference was a roundtable discussion under the title of ’Alexandre Lamfalussy’s legacy in the 21st century’, where the previous awardees of the Lámfalussy Award reflected on the inevitable merits of Baron Alexandre Lamfalussy.
The jubilee Conference attracted leaders of partner central banks and international financial institutions, economic decision-makers, renowned international professors, and leaders of embassies accredited to Hungary. Notable speakers included Harold James, Professor at the Princeton University, Robert Holzmann, Governor of Oesterreichische Nationalbank, Peter Kažimír, Governor of Národná banka Slovenska, Boris Vujčić, Governor of the Croatian National Bank, Andréa M Maechler, Deputy General Manager of the BIS and Jacques de Larosière, former Managing Director of the International Monetary Fund.