The Magyar Nemzeti Bank attaches great importance to making central bank analyses on various current economic and financial trends of general interest available to the wider public. The June 2012 issue of the MNB Bulletin contains six topical articles, in which the authors present the electronic issuance of cafeteria vouchers; the use of unconventional central bank instruments in Hungary; international experiences with the use of unconventional instruments; the design and implementation of the MNB's euro sale programme related to early repayments; the assessment of the cyclical position of the economy using confidence indicators; and the Single Euro Payments Area (SEPA).

The articles of this volume can be downloaded below:

Divéki, Éva: Card or print? How to issue cafeteria vouchers electronically?

Fábián, Gergely and Róbert Mátrai: Unconventional central bank instruments in Hungary 

Lehmann, Kristóf: International experiences with unconventional central bank instruments 

Pulai, György and Zoltán Reppa: The design and implementation of the MNB’s euro sale programme introduced in relation to early repayments 

Rácz, Olivér Miklós: Using confidence indicators for the assessment of the cyclical position of the economy

Turján, Anikó and Judit Brosch: Single Euro Payments Area (SEPA): Full speed ahead!

The complete volume can be downloaded here:

MNB Bulletin June 2012