Hungary opposition’s landslide win heralds reforms, thaw in EU ties

MAGYAR PLEDGES TO REBUILD ALLIANCES

The election had long been anticipated as the ‌most market-sensitive in Europe this year, given the eurosceptic Orban’s frequent clashes with Brussels during his 16-year rule, over issues ranging from immigration to his closeness to Russia.

Orban had expressed confidence throughout the election campaign despite lagging in opinion polls, saying his goal was to protect Hungary’s national identity and traditional Christian values within the EU, while denying any wrongdoing.

But the markets had been signalling for weeks that investors expected change. The share prices of companies linked to Orban fell sharply, while market volatility gauges indicated that big currency moves were likely after the election.

Magyar, addressing jubilant supporters chanting “Europe, Europe” after Orban conceded defeat, pledged to make Hungary a strong EU and North Atlantic Treaty Organization ally and rebuild ties marred by years of conflict.

“With the two-thirds majority allowing us to amend the constitution, we will restore the system of checks and balances,” Magyar said.

“We will join the European Public Prosecutor’s Office and guarantee the democratic functioning of our country. We will never again allow anyone to hold free Hungary captive or to abandon it.”

One fundamental plank of Magyar’s plan to kick-start Hungary’s economy, which has been mired in near-stagnation for the past three years, was to unlock EU funds frozen as democratic standards eroded under Orban.

“A constitutional majority is a different story entirely,” said Ian Bremmer at GZERO Media.

“That would give Magyar the power to rewrite the constitution, clear out Fidesz loyalists from captured institutions, fully access EU funding, and even adopt the euro – a core campaign pledge.”

On Sunday, Magyar called on Hungary’s chief prosecutor, the head of the top court, the head of media authority and other officials to resign, saying the country’s public institutions had been captured by Orban loyalists over the past 16 years.