Foreword

Dear Colleagues,

It is my greatest pleasure to extend my greetings through these lines as I welcome colleagues in the central banking community interested in the third edition of the MNB’s Technical Cooperation Programme.

Economic policymaking is a constantly changing field, yet its main challenges and tasks remain the same. Having spent decades in this area, I am convinced that it remains as relevant as ever to keep stability at the forefront of our decisions, which applies to central banks’ priorities as well.

Change, however, is inevitable in the global economy driven by technological advancements, shifting financial landscapes, and emerging risks. In this dynamic environment, central banks play a pivotal role in safeguarding stability while responding to new challenges. Adaptability is essential - but so is maintaining stability that underpins sustainable growth. That is why the theme of the 2025 edition of our Technical Cooperation Programme, “Stability in Transition,” highlights the balance that central banks must strike between resilience and change.

Strengthening international cooperation is more important than ever. As challenges become increasingly interconnected, the exchange of knowledge and best practices across borders is vital. During the third year of our programme, we remain committed to bringing together experts and institutions worldwide to develop effective, forward-looking solutions. We invite you to be part of this shared endeavour to learn about the MNB’s best practices and experience.

Mihály Varga

Governor