ADVERTISEMENT

Vienna 2.0 initiative important to Hungary, EBRD director says

Parliament

Vienna 2.0, the new European Bank Coordination Initiative, is of key importance to Hungary as it is about how to prevent the balance sheet correction of major banks leading to declining credit that would impede growth, EBRD Piroska Nagy told MTI in Vienna on Tuesday.

On Monday, high-level public sector officials from host and home countries of major cross-border banks discussed ways to

coordinate national policies affecting the economies of emerging Europe in order to avoid adverse cross-border effects of the emergence of uncoordinated and competing policy responses to the euro zone crisis.

The Hungarian delegation was proactive and represented a joint stand at the Monday meeting, which in itself made a favourable impression, considering earlier frictions, Ms Nagy said.

Ms Nagy noted that OTP is an important international bank, and it has been a full participant of the 2009 Vienna Initiative for long. OTP Bank representatives were present at a Tuesday morning briefing held for banks after the Monday talks, she said.

The EBRD, coordinated the Monday meeting said that they will invite the affected banks for the next meetings.

The next big meeting of the Vienna 2.0 group is expected to be held at the beginning of March, Ms Nagy said.

Hungarian representatives at the Monday meeting included National Bank of Hungary (MNB)vice president Julia Kiraly, National Economy Ministry deputy state secretary Roland Natran and financial watchdog PSZAF managing director Arpad Kiraly.

The MNB, the ministry and PSZAF welcomed Vienna 2.0 as an important and positive step towards the strengthening of the region’s economies in a joint statement issued on Tuesday.

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Márki-Zay wins opposition primary Elections

Márki-Zay wins opposition primary

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Capital sees urban exodus during pandemic City

Capital sees urban exodus during pandemic

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.