Book launch at the MNB – János Cinkotai’s book on the history of inflation in Hungary was released

Budapest, 7 January 2026 – “The core values of the economy – such as the creation and maintenance of a work-based society and anchoring inflation expectations – are of paramount importance for Hungary's success,” according to MNB Governor Mihály Varga, speaking at the launch of János Cinkotai’s book, entitled “Yalta – from an inflation perspective as well – is our second Trianon”. Varga highlighted that this detailed three-volume work served to fill a gap in the history of inflation in Hungary.

Governor Varga noted that Cinkotai’s work held valuable lessons for the future, even from the current standpoint, as it presented in great detail that factors such as strong families, a responsible approach to ownership, a work-based economic system and consistently anchoring inflation expectations, which was of particular importance for the MNB, were important foundations for development. He explained that, both in a geographical and a philosophical sense, Hungary was located on the border of two worlds, as seen in today’s geopolitical situation. This unique position resulted in unique tasks, risks and possibilities. To achieve economic success in this position, it was essential to maintain the ability to act in a sovereign fashion and strengthen the ability to assert one’s interests. As Governor Varga had previously said, Cinkotai’s three-volume work filled a gap in the history of inflation in Hungary and the history of the Hungarian economy, as well as expanding professional horizons and presenting relevant aspects and insights.

Magyar Nemzeti Bank