We asked
György Matolcsy, Governor of the Magyar Nemzeti Bank, the central bank of Hungary about the opportunities offered by Hungarian-Chinese cooperation and the Belt and Road Initiative, as well as Hungary's role in the new world order. "In order to exploit our strengths, we need a clear vision and strategy, because according to the ancient wisdom, if one does not know to which port one is sailing, no wind is favourable," the Governor pointed out.
The dollar's share of global foreign exchange reserves has fallen by 12 percentage points over the past 20 years, and the use of home and alternative currencies such as the Chinese yuan, more formally known as the renminbi (RMB), has become more common in the Global South,
Makronóm Institute experts claim.
The major megatrends of the 21st century are challenging the world's financial system to decide in which direction to move forward. The overarching conclusion of the debate is the need for a stable, crisis-resilient, innovation-driven, sustainable system that maintains a balanced cooperation with the world's major hubs through interconnectedness, according to
Marcell Horváth, Executive Director for International Relations of Magyar Nemzeti Bank, the central bank of Hungary.
Hungary, like other European countries, is developing ever closer ties with one of the world's fastest growing economies. Western European countries are free to do the same, but not others? Gods may do what cattle may not? The world order is changing, and let's hope this kind of attitude will soon be a thing of the past too - writes
Levente Horváth, Director of the Eurasia Center.
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