Hungarian opposition's landslide victory - Reforms and thawing of relations with the EU are announced
Peter Magyar's landslide victory in Sunday's Hungarian election has given his center-right Tisza party a sweeping mandate to enact reforms, strengthen the rule of law and potentially unlock billions of euros in European Union funds.
Economists and political analysts say the expected super-majority of two-thirds of the next government was the most EU- and market-friendly scenario - and before Sunday, one of the most unlikely.
A number of uncertainties remain, and cautious diplomats and analysts say the new government must deliver on its promises before reaping the full benefits, but markets for now seem willing to give Budapest's new masters the benefit of the doubt.
According to analysts, the most important thing is that Magyar will be able to shake off Orban's autocracy and implement all the reforms that the EU demands. This means that at least 6.4 billion euros from the Stability and Recovery Instrument should flow quickly, supporting the real economy and further consolidating Tisza's victory.
"With the two-thirds majority that allows us to change the constitution, we will restore the system of checks and balances. We will join the European Public Prosecutor's Office and guarantee the democratic functioning of our country," Magyar said.
One of the cornerstones of Hungary's plan to revive the economy, which has been mired in near-total stagnation for the past three years, was to unlock EU funds frozen as democratic standards eroded under Orban.
On Sunday, Magyar called on Hungary's chief prosecutor, the head of the supreme court, the head of the media authority and other officials to resign, saying the country's public institutions had been captured by Orban loyalists over the past 16 years.
Magyar has pledged a comprehensive anti-corruption campaign, while his party seeks to meet EU conditions, including stronger judicial independence and public procurement, to unlock the funds.
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