Since 2013, in accordance with its legal mandate, the Magyar Nemzeti Bank (MNB) has been carrying out its tasks with a broader perspective than previously and incorporates the in-depth analysis and assessment of Hungary’s competitiveness into its traditional central banking and macroeconomic analytical framework, including formulation of recommendations as well.
The Competitiveness Mirror aims to monitor, in a structured manner, how the targets and recommendations made by the MNB in the Competitiveness Programme have been implemented so far, which supports the execution and thus contributes to the necessary turnaround in competitiveness. Launched in 2019, the Competitiveness Mirror assesses Hungary’s progress in competitiveness every autumn, based on the 330 recommendations published in the Competitiveness Programme. The monitoring system uses both descriptive and analytical methods to measure the implementation of the central bank’s recommendations. The chapters presenting the details provide a descriptive summary of the measures related to each recommendation, based on which the analytical chapter quantifies progress in implementation. Progress is evaluated in dual approach, because, in addition to a summary of the results, the remaining tasks are also highlighted. With the creation of this measurement system, the MNB will analyse and monitor Hungary’s progress in competitiveness in a unique way by international standards.