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The great Hungarian reset

Hungary’s incoming prime minister will have to address the fragile macroeconomic situation head on

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    • Magyar’s victory demonstrates that democratic systems can correct themselves despite institutions being hollowed out.
    • Magyar’s victory demonstrates that democratic systems can correct themselves despite institutions being hollowed out. PHOTO: REUTERS

    Piroska Nagy Mohacsi

    Published Fri, Apr 17, 2026 · 07:00 AM

    [BUDAPEST] Peter Magyar’s landslide victory over Viktor Orban in Hungary is nothing short of extraordinary.

    Two years ago, Magyar’s political party, Tisza, did not even register in the public’s mind. Now, it has secured a constitutional majority that may well allow it to uproot the entrenched system of “illiberal democracy” that Orban built over the past 16 years.

    The result has implications far beyond Hungary, and even far beyond Europe.

    HungaryDemocracyGeopoliticsfiscal policyEuropean Union

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