Hungarian Central Bank Calls for International Coordination on Digital Risks

During an informal meeting in Dublin, Mihály Varga, representing the Hungarian Central Bank, called for closer international coordination in the banking sector due to profound technological transformations and growing digital risks. Varga emphasized that achieving ambitious growth goals requires a unified international response and a balance between regulatory requirements and technological innovation. He noted that cyber fraud losses have increased significantly with the rise of digital transactions.

The Hungarian Central Bank stressed that long-term financial system stability depends on central banks cooperating internationally to manage new threats, such as cyber fraud. Artificial intelligence is identified as a key driver of financial institutions’ competitiveness, requiring central banks to modernize core banking systems and expand digital offerings.