Innovation helps mitigate inflation risks – introducing the “Hungarian Innovator” trademark

Budapest, 11 February 2026 – “Along with stability, the development of Hungary’s economy also requires productivity, efficiency and competitiveness,” according to MNB Governor Mihály Varga, speaking at the conference “Innovation that Unites”, which was jointly organised by the Magyar Nemzeti Bank, the Hungarian Chamber of Commerce and Industry, the Ministry of Culture and Innovation and the Hungarian Association for Innovation. Varga emphasised that, in addition to enhancing economic growth, innovation and improved efficiency also mitigated inflation risks and thus supported the MNB’s primary objective of achieving and maintaining price stability.

According to Varga, the rearrangement of power centres in the global economic landscape and the headway made by AI was reshaping the labour force and paving the way for new opportunities for innovation. Consequently, in addition to achieving and maintaining financial stability, it was necessary for the Magyar Nemzeti Bank to devote attention to Hungarian companies which could function as flagships in promoting innovation. The Governor explained that this was important because, according to the statistics, a small group of companies was responsible for 13 percent of gross exports and 23 percent of GDP growth in the 2010s. He noted that this was made possible because labour productivity at innovation-driven companies rose 44 percent compared to other companies. According to Varga, in relation to the 2020s, over 500 innovative companies were identified, with these companies accounting for nearly 10 percent of Hungary’s exports. He underlined that these enterprises accomplished this during the crises of the 2020s, demonstrating that, in addition to innovation and growth, they also strengthened the resilience of the Hungarian economy.

As part of the conference, along with the other founding members (the Hungarian Chamber of Commerce and Industry, the Ministry of Culture and Innovation, the Ministry for National Economy, and the Hungarian Association for Innovation), the Magyar Nemzeti Bank contributed to the creation of the Coalition for Innovation, which introduced the “Hungarian Innovator” trademark, under the protection of the Hungarian Chamber of Commerce and Industry. The trademark was initially issued to 70 innovative Hungarian companies, which recorded total turnover of more than HUF 600 billion in 2024, thus recognising their past success and contributing to their future business growth.

Magyar Nemzeti Bank