Magyar takes power vowing to return Hungary to European fold

Peter Magyar assumed power as Hungary’s prime minister, officially ending Viktor Orban’s 16-year rule with a pledge to reverse the nation’s autocratic slide and return it to the European mainstream.

Lawmakers elected the 45-year-old as premier on Saturday following his Tisza party’s landslide win in April’s general election. Magyar’s government is expected to be installed by early next week.

Armed with a supermajority in parliament, Magyar vowed to claw back pilfered state assets and to fully dismantle Orban’s political system. In a dramatic confrontation in the chamber, Magyar gave Orban-allied President Tamas Sulyok until May 31 to resign, saying he was not fit for office after looking the other way as the European Union nation slid deeper into autocracy.

In a break from tradition, Orban wasn’t present in parliament for the inauguration, which Magyar said signaled his predecessor’s “rejection of responsibility, total absence of self-reflection, and the consequence-free exercise of power.” 

As the nation’s new leader, Magyar repeatedly apologized for the failings of Orban’s government, including allegations of the systemic abuse of children in state care, as well as the targeting of journalists and civil society groups.

“I want to make it clear: I won’t rule over Hungary, I’ll serve my homeland,” Magyar said. He pledged to change the constitution to introduce limits to executive power.

In a symbolic change, the European Union flag flew outside the neo-Gothic parliament building on the banks of the Danube River for the first time in 12 years - signaling a break with Orban’s increasingly pro-Russian and anti-European politics. Lawmakers sang Beethoven’s “Ode to Joy,” the EU anthem, alongside the Hungarian one at the end of the ceremonies. 

Magyar’s most urgent task is to unblock more than $20 billion in EU funds vital for reviving the Hungarian economy and creating room in the budget for key campaign pledges, such as raising spending in long-neglected areas like healthcare and education. 

The new government plans to amend this year’s budget after a comprehensive audit, Andras Karman, the incoming finance minister, told reporters on Saturday.

“We’ll be in a very difficult position but we’ll manage,” he said, according to 444.hu news website.

EU funds were frozen by the bloc in 2022 due to concerns over rule of law and corruption issues under Orban’s rule, which created a new class of politically connected super-rich, often from the redistribution of state resources. One of the first laws now will be to set up the National Asset Management Recovery Agency, Magyar said.

“Hungary will no longer be a country without consequences,” the prime minister said, referencing the effective impunity those close to power have enjoyed for more than a decade.

Magyar has vowed to work constructively with the EU after years of obstructionism from the pro-Kremlin Orban, who regularly vetoed or diluted sanctions on Russia and aid to Ukraine.

In order to unlock the money, including almost 10 billion euros ($11.8 billion) in funds that expire after August, Magyar has vowed to move quickly to shore up the rule of law and to tackle rampant corruption. He’s said he aims to sign a new political deal with the EU by the end of this month that would pave the way for the release of the funds.

The forint has rallied more than 8% against the euro this year on the expectation that EU funds will start flowing again. Magyar’s pledge to put Hungary on the path to euro adoption - something Orban adamantly opposed as a loss of sovereignty - has also boosted Hungarian assets.

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This story was originally published May 9, 2026 at 1:58 PM.