BCE may sign cooperation agreement with MNB

Initiatives

Corvinus University of Budapest (BCE) and the National Bank of Hungary (MNB) are planning to sign an education-research cooperation agreement, the university announced in a press release today. This may be part of the plan, announced last summer by the head of the MNB, to teach his own brand of  “unorthodox economics”.

According to the announcement, the goal of the agreement is to improve the level of the economics faculty in BCE. Currently there is a discussion between the partners about the conditions of the agreement. The agreement is expected to be finalized this summer.

While the details of the planned improvements to the faculty were not revealed, the changes may involve improvements envisioned by MNB Governor György Matolcsy last summer. In August, Matolcsy announced that, in an effort to create a new generation of Hungarian economists who do not hew to “obsolete doctrines and mistakes of the neoliberal economics school”, the MNB would contribute HUF 200 bln to four foundations established to support instruction in economics and finance.

Matolcsy, who has boasted of the success of his “unorthodox economics” when he was Hungary’s minister of economics in 2010-2013, said in August that the investment would not cost taxpayers anything, because it would be funded by the MNB’s “money creation”.


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