Mihály Varga, governor of the National Bank of Hungary, told the central bank’s Financial Stability Conference that strong, predictable regulation and financial stability are prerequisites for European competitiveness and economic growth. He called for simpler rules, less duplication and a more unified European regulatory framework, while retaining scope for justified national differences. Varga said digitalization and artificial intelligence could improve efficiency, fraud detection and customer experience but also create risks. Europe’s shortage of infrastructure and expertise for advanced AI models increases the EU banking sector’s external dependence and vulnerability, requiring a financial system that can remain technologically advanced while preserving resilience.
2026-09-24National Bank of Hungary
National Bank of Hungary governor calls for simpler unified EU financial rules and resilient AI adoption
National Bank of Hungary Governor Mihály Varga called for simpler, less duplicative and more unified EU financial regulation to support stability and competitiveness. He said Europe must capture the benefits of digitalization and AI while addressing the banking sector’s dependence on external technology and expertise.