The challenges and opportunities of the decade were taken into account in the latest article by the Governor of the Central Bank, György Matolcsy.
György Matolcsy, in his analysis published on vesző.hu, listed among the challenges, among other things, that the disintegration of the EU could accelerate and European debts could explode.
He wrote that the monetary revolution could make the EU banking system redundant; a few more technological breakthroughs, regulatory relaxation and the EU banking system will be replaced by digital financial companies operating at almost zero costs.
The new energy revolution may eliminate the energy systems and vehicle industry known today, the new technologies will leave only a few players in the market in all traditional fields, the vast majority of them will disappear, according to György Matolcsy, and he called it a question whether European companies will remain alongside the winning Chinese and American companies.
The digital revolution will create new business systems and regional integration will replace global trade, he wrote.
In addition to the risks, the central bank president also identifies strong opportunities in the decade, and notes: the challenge is who can be among the first to exploit the new opportunities, because the first may easily be the only ones by the end of the decade.
Among the possibilities, he listed the acceleration of the digital transition, the pursuit of sustainability in all areas of life, the "embrace" of the financial revolution, participation in the rise of Asia, including China, participation in the creation of the "mixed era", which is man and a new, it points towards the joint operation of an artificial world, as well as the initiation of social transformations that keep pace with the technological revolution.
According to György Matolcsy, the new society will be twofold in everything, therefore, compared to today, the decade will be more diverse, colorful, based on opposites, requiring stronger competition and stronger cooperation.
MTI
Photo: György Matolcsy, President of the Hungarian National Bank (MTI Photo: Lajos Soós)
