Pursuits
Hungarian Academics Protest Central Bank's Education Splurge
- Top economists say bank's programs break rules on universities
- National bank says foundations transparent, not tax-funded
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A group of prominent economists at the Hungarian Academy of Sciences criticized the central bank’s educational programs, saying they promote the views of its leadership at public expense and breach rules governing universities. The bank rejected the allegations.
The academics’ criticism concerns about 200 billion forint ($692 million) earmarked by the National Bank of Hungary from its profits for foundations set up to support the teaching of economics. The monetary authority is also helping establish a new university campus in eastern Hungary. The funds’ endowment is roughly on par with the government’s annual spending on all state higher education combined.