Foreword

Dear Colleagues,

Dear Friends,

When central bankers and economic policymakers discuss the future of the economy and the best policy options, they must consider possible changes, unforeseeable events and uncertainty. Change is inevitable and – as the saying goes – the only constant in life. It is therefore essential, that decision-makers increase their preparedness and adaptability.

For central banks the goal is clear: to maintain price stability and preserve financial stability, by which they can support sustainable and stable economic growth. This thought inspired the slogan of our Technical Cooperation Programme 2025, “Stability in Transitions” as it reflects the delicate balance central banks must strike between ensuring stability and adapting to change.

Launched in 2023 the MNB Technical Cooperation Programme became a flagship initiative of our institution. Strengthening international cooperation remains a cornerstone of the MNB’s strategy. As we face global challenges that transcend borders, our collaborative efforts to share knowledge and best practices become increasingly important. In a rapidly evolving globalmeconomic landscape, the role of central banks has become even more crucial. We are living in the age of transitions: the transition in sustainability, technology, digitalization and financial infrastructures, which shape the future of the money, the money of future. Although constant transitions may incentivise change, central banks can represent real stability in the world.

The MNB Technical Cooperation Programme 2025 is built around this very idea and the hope that central banks can take an active role in the preparations for these changes. I hope the topics we chose this year for our seminars will support our partner central banks and ourselves, to be better prepared for the years to come. The Programme builds on a crucial ingredient: knowledge. I believe that knowledge – together with talent, technology and capital – is essential for economic success.

We believe that at the MNB we accumulated a great amount of knowledge that we are delighted to share and we are equally open to learn from our peers. Through our Technical Cooperation Programme we bring together professionals and institutions from around the world to engage in professional dialogue and mutually beneficial learning process. We invite you to join us in this journey towards finding the right responses to our shared challenges and building a successful future together.

György Matolcsy

Governor