EVOLUTION OF THE LEGAL STATUS OF THE HUNGARIAN NATIONAL BANK AND OF THE HUNGARIAN FINANCIAL SUPERVISORY AUTHORITY (PSZÁF) IN LIGHT OF EUROPEAN PROGRES
EVOLUTION OF THE LEGAL STATUS OF THE HUNGARIAN NATIONAL BANK AND OF THE HUNGARIAN FINANCIAL SUPERVISORY AUTHORITY (PSZÁF) IN LIGHT OF EUROPEAN PROGRES

Summary/Abstract: For the financial policymakers of the European continent affected by the fever of unification, it became obvious in the nineties of the last century that the EU needs to implement significant changes in the regulatory aspects of its financial administration in order to aspire after a significant role in world politics. However, this was only a political recognition of an opinion well developed in professional circles, according to which monetary union must necessarily be followed by the integration of the financial market. But while the main driving force of the establishment of EMU was rationality in the public finances, the transformation of the financial market was fought for and achieved by the financial sphere itself, offering a spectacular evidence for the feedback between the governing forces and governed. Although on May 1, 2004, Hungary attained full membership in the European Union, but even because of its export-led economy and its close connection to the financial market encompassing the world, our country could not afford to disregard the evolving events. Let us review the fundamental changes affecting the domestic financial sector and the capability of the affected institutions to adapt to such changes.

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