Magyar sworn in as Hungary's prime minister on promises of change
Hungarian opposition leader Péter Magyar was sworn in as prime minister after his Tisza party's win in last month's general election. In his inaugural speech, Magyar pledged to repair frayed ties with Brussels and overhaul the judiciary, ending Viktor Orbán's 16-year run as prime minister. Markets and EU institutions are watching the transition closely.
Hungary's parliament confirmed Péter Magyar as prime minister, capping his Tisza party's general-election victory last month. In a televised address after taking the oath, Magyar set out three early priorities: judicial-independence reforms to unlock frozen EU funds, an overhaul of public procurement rules, and faster diversification of energy supply.
Viktor Orbán's 16-year run as prime minister has formally ended. The new cabinet places Lajos Bokros at finance and former ambassador András Simonyi at the foreign ministry. The European Commission said it will judge the new government on concrete legal steps before releasing structural funds currently on hold.
The forint gained about 1.2% against the dollar after the announcement. Investors will be watching how the budget evolves over the rest of the year and how Budapest reframes its energy ties with Russia, the issue that has most consistently strained relations with Brussels.
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