In order to support its core purposes defined in Act LVIII of 2001 on the Magyar Nemzeti Bank (‘MNB Act’), and particularly to support the formulation and implementation of monetary policy, the Magyar Nemzeti Bank regularly analyses developments in the budget deficit and debt, monitors the financing of general government, analyses the impact of financing on monetary developments, financial market movements and liquidity, and conducts research on fiscal policy issues. Under the provisions of the MNB Act, the MNB is entitled to express its opinion on the budget proposal to the Government and the competent committee of Parliament.
Pursuant to Act LXXV of 2008 on Fiscal Responsibility, the Governor of MNB is a member of the Fiscal Council (FC) and in this capacity participates in the formulation of the FC’s assessment on the draft budget bill to be submitted to Parliament. The Act provides that the work of the FC may be indirectly supported by the professional knowledge and accumulated information available within the MNB, rather than by an independent FC team.
In order to support the fulfilment of these tasks at the highest professional level, the MNB's expert team regularly analyses budgetary processes. The general public can learn of the main findings of the expert analyses from the ‘Public Finance Review’. The findings and conclusions of the analyses reflect the opinions of the experts involved in the preparation of the analysis and should not be interpreted as the views of the MNB or the Monetary Council.