Document Type

Lessons Learned

JEL Codes

G01, G29


From 2013 to 2016, Ádám Balog was deputy governor of the National Bank of Hungary (Magyar Nemzeti Bank, or MNB) and a member of the Monetary Council. During the Global Financial Crisis (GFC), Hungary was unable to finance its external debt and negotiated a three-party agreement with the International Monetary Fund (IMF) and the European Union. In this interview, Balog describes the conditions in Hungary before the crisis and the challenges and decisions that he worked on during its aftermath. This Lessons Learned summary is based on an interview with Balog held on February 1, 2022.