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NFFT’s Professional Coordination Working Committee holds online workshop session

NFFT’s Professional Coordination Working Committee held this year’s last online meeting yesterday with the participation of two guest speakers from the Hungarian Central Bank (MNB), Ákos Szalai, senior department head of the Directorate for Fiscal and Competitiveness Analysis and Gábor Gyura, head of the Department of Sustainable Finance.

The meeting discussed the role of MNB in the sustainable development transition, its macroeconomic and monetary instruments as well as assessed Hungary in the light of the challenges of sustainability.

Ákos Szalai said that MNB concentrated on and successfully completed stabilisation and convergence in the last decade and is currently working on achieving a sustainable organic convergence path. And to promote sustainable convergence, environmental risks must be reduced.

Gábor Gyura stressed that environmental anomalies (e.g. droughts, lack of rain caused by climate change) may already affect the financial stability of certain countries while a number of large companies mainly in the agriculture sector must now be supported with financial aids. All these factors associated with climate change have an impact on the system of financial institutions. To reduce environmental risks, a green economy must be built where the mobility of private sources is key.

MNB’s surveys show that one-third of the financial institutions in Hungary address the issue of climate change at senior management levels.

In the Framework Strategy and the Monitoring Reports, NFFT regularly discusses the domestic economic aspects of sustainability. In the discussion following the speeches, the participants emphasized the importance of the assessment of transition toward the sustainability and the need to review such indicators in expert consultations.

NFFT comp