The National Bank of Hungary published remarks by Governor Mihály Varga from the central bank’s AI Workshop, outlining how artificial intelligence is reshaping the global economy and labour markets and noting that the bank is already using AI in day-to-day work to improve the efficiency of analytical preparation alongside safe use. Varga argued the world economy is approaching a transformation driven by both cyclical and structural factors, with institutional operations also changing rapidly. He said effective integration of AI could generate a significant growth surplus, while warning the European Union faces a risk of lagging because most AI developments and investments are concentrated in the United States and Asia. On labour-market effects, he cited forecasts that AI may affect 25% of jobs in some way by 2030, emphasising that AI is more likely to take over tasks rather than replace entire roles, implying a structural shift rather than the disappearance of workplaces. He added that past technological revolutions suggest changing skills needs and rising demand for roles requiring complex knowledge and human connections, and called for cooperation between state and market actors to help position Hungary at the forefront of AI adoption.
National Bank of Hungary 2025-09-29
National Bank of Hungary Governor Varga highlights the bank’s use of artificial intelligence and warns Europe risks falling behind
Governor Mihály Varga of the National Bank of Hungary emphasized at the AI Workshop that AI is transforming the global economy and labor markets, with the bank using AI to boost analytical efficiency. Varga warned the EU risks lagging behind due to concentrated AI developments in the U.S. and Asia, noting AI's potential impact on 25% of jobs by 2030, focusing on task transformation over job replacement. He urged collaboration between state and market actors to advance Hungary's AI adoption.