Márton Nagy is the Minister for National Economy of Hungary since 1st of January 2024. From May 2022, he served as the Minister for Economic Development. Prior to that, he held the position of Chief Advisor to the Prime Minister.
Minister Nagy is an economist. Between 1998-2000, Mr Nagy began his career as a macroeconomic analyst at the Government Debt Management Agency, then from 2000 to 2002 he worked as a chief economist at ING. He joined the team of the National Bank of Hungary (MNB) in 2002. Between 2013-2015, he was the Executive Director responsible for Financial Stability and Lending Incentives and was also a member of the Financial Stability Board and the European Banking Authority. Between 2015-2020, Mr. Nagy was the Deputy Governor of the National Bank of Hungary and a member of the Monetary Council. From 2020 he served as Chief Economic Advisor to the Prime Minister. From 2022 he served as the Minister for Economic Development without portfolio, then from 2023 he was the Minister of the Ministry for Economic Development. He leads the Economic Cabinet since December 2023. From 1st of January 2024, the Ministry for Economic Development continues its expanded operations under a new name, the Ministry for National Economy.
Minister Nagy is also the author of numerous research papers, analyses and articles. His research mainly focuses on banking competition and efficiency, pricing of banking products, healthy lending and the American subprime mortgage crisis. He frequently analyses the challenges of the economy and the financial system in his publications. During his career at MNB, he participated in the creation of the Funding for Growth Scheme, the conversion of foreign currency loans to HUF-loans, the resolution of MKB Bank, the nationalisation of the Budapest Stock Exchange and the launch of the Bond Funding for Growth Scheme.
As a Minister, he oversaw the acquisition of Vodafone Hungary Ltd., the launch of the Baross Gábor Reindustrialization Loan Programme and the Baross Gábor Capital Programme, the introduction of the online price monitoring system and the joint negotiations with commercial banks regarding the voluntary interest rate cap. As a result of the negotiations led by him for the acquisition of Budapest Airport Ltd., Budapest Liszt Ferenc International Airport has returned to the Hungarian. He is currently working on further developing the airport, which serves both the population and the economy at a high level.
