The Magyar Nemzeti Bank (MNB) hosted the third seminar of its 2025 Technical Cooperation Programme in Budapest between 27–30 October 2025, under the title “Structural Modelling and Forecasting.” The event focused on presenting central bank practices in macroeconomic modelling and forecasting, as well as sharing analytical methods that support monetary policy decision-making. The programme brought together 24 experts from 17 countries.
In his welcome address, Dániel Palotai, Deputy Governor of the MNB responsible for international relations emphasized the importance of sound structural analysis for monetary policy decisions in today’s rapidly changing economic environment.
During the four-day professional course participants gained insight into how structural and macroeconomic models support decision-making, and how the MNB has developed and modernized its forecasting and analytical tools over recent years. The seminar also addressed sustainability aspects: participants were introduced to the MNB’s sustainable GDP concept, which approaches the assessment of economic performance by taking environmental and social factors into account. Furthermore, discussions covered firm-level (microdata-based) analyses, which enable central banks to gain a more accurate picture of the factors shaping economic processes, as well as the growth potential of the SME sector.
The MNB Technical Cooperation Programme, launched in 2023, continues to serve as an important platform for central bank knowledge sharing and international cooperation. The Programme aims to promote professional dialogue and the exchange of best practices among central banks in response to the challenges of a rapidly changing economic environment.