Dr Péter Medgyessy Curriculum Vitae

Dr. Medgyessy was born in Budapest in 1942.

He graduated from the University of Economics in Budapest in 1966. He obtained his PhD at the same university.

Dr. Medgyessy started his professional career at the Ministry of Finance. Between 1966 and 1986, he worked in senior positions at the Departments of Economy, Price Regulation and International Finances before becoming Head of the Department of State Budget and Deputy Minister. He was appointed Minister of Finance in 1987.

As Minister of Finance, Dr. Medgyessy's hall-mark achievement was the establishment of a two-tier banking system that met the requirements of a market economy. In addition, he submitted to Parliament in 1987 the draft of a new tax system of European standard which was a prerequisite for a fledgling market economy.

In 1988-1989, Dr. Medgyessy was Deputy Prime Minister responsible for Economic Affairs in the government which, led by Prime Minister Miklós Németh, implemented crucial political reforms. He led the process of economic liberalisation and supervised the drafting of a new Company Act that laid the basis for privatisation.

Between 1990 and 1994, Dr. Medgyessy was Chairman and Chief Executive Officer of Paribas Bank Ltd. (member of the French Paribas Group). In 1994-1996, as Chairman and Chief Executive Officer of the Hungarian Investment and Development Bank, he was responsible for restructuring the bank.

From 1st March 1996 to July 1998, Dr. Medgyessy was again appointed Minister of Finance. In addition to the successful implementation of economic consolidation, his principal objective was to set the conditions for sustainable economic growth, reduce inflation and launch the public finance reform. The pension reform that Dr. Medgyessy tabled in Parliament received praises from the OECD as well.

From 1st October 1998 onwards he worked as Chairman of Inter-Europa Bank (San Paolo-IMI Group) - from which he resigned as of 30 September 2001 after being nominated to Prime Ministerial candidate - and Deputy Chairman of the Board of Atlasz Insurance Company (member of the Australian QBE Group).

It was announced that he would be the candidate of the Hungarian Socialist Party in 2001. The Hungarian Socialist Party won the elections in April 2002. Dr. Péter Medgyessy took office as Prime Minister on 27 May 2002. He resigned from the post of Prime Minister on 25 August 2004 and was appointed as Ambassador Extraordinary and Plenipotentiary at Large of the Republic of Hungary on 14 October 2004.

Dr. Medgyessy published a number of articles on budgetary and exchange rate policy, as well as on the monetary system in Hungarian and international financial and economic publications. He regularly contributed to the World Economic Forum in Davos - in the Council of which he is a member - and conventions in Salzburg, St.Gallen, Geneva, Vienna and Paris. In addition, he is member of the International Institute of Public Finance (Saarbrücken). Dr. Medgyessy is also a Professor at the College of Finance and Accounting in Budapest.

Honours and Decorations: Medium Cross with the Star of the Order of Merit of the Hungarian Republic (1998), Chevalier de la Légion d'Honneur (2000). The President of France, Jacques Chirac, decorated Prime Minister Dr. Péter Medgyessy in recognition of his efforts in facilitating bilateral relations with the Officer's Cross, of the French Legion of Honour in Budapest on 24 February 2004.

He is fluent in French and Rumanian and understands English and Russian well. He is married and has two children.