Hungary swears in Péter Magyar as new prime minister
Tisza Party leader Péter Magyar took the oath of office in Budapest as Hungary's new prime minister. He pledged to normalise relations with the European Union and strengthen the rule of law. The forint gained about 0.7 percent against the euro after the ceremony.
Magyar won a confidence vote with 134 of 199 members of parliament. The Tisza Party ended decades of Fidesz dominance in April's elections. The new government agreed on 16 ministerial portfolios in a coalition with the Greens and the Democratic Coalition.
In his first remarks, the new prime minister said his government would set a timetable with the European Commission to unblock the 28 billion euros in suspended cohesion funds. He pledged to legislate reforms tied to the EU rule-of-law conditionality mechanism within six months. Initial reactions from Brussels were positive.
Magyar also said a new candidate for the Hungarian central bank governorship would be named before the end of June. The forint fell to 386.4 against the euro, gaining strength. The Hungarian five-year credit default swap spread dropped 30 basis points. The Budapest BUX index rose 1.8 percent.
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