The greatest challenge of the 21st century is to create environmental sustainability, and to achieve a sustainable growth path we need to shift from quantitative growth to a qualitative growth structure, György Matolcsy, Governor of Magyar Nemzeti Bank, Hungary’s central bank, said at the Boao Forum for Asia (BFA) conference on Hainan Island, China.
Founded in 2001, and held every year since, BFA is the most influential economic forum on the Asian continent, often compared to the World Economic Forum in Davos. The theme of this year’s event, which takes place from March 28 to 31, is “An uncertain world: solidarity and cooperation for development amid challenges.” More than 160 speakers from around the world seek common solutions to the challenges of a global environment defined by successive economic shocks, the central bank wrote in a statement.
In a high-level panel discussion on Wednesday, Matolcsy said that there is currently a fine line between tightening monetary policy and preserving economic growth potential, but without financial stability, there is no sustainable growth.
Photos via BFA