Economist, university professor, politician. He studied at Károly Marx University of Economics, at László Rajk College. Between 1975 and 1990 he worked for the Institute of Economy Planning. In 1989 he took part in the National Roundtable Talks and was among the authors of the economic plan of the Hungarian Democratic Forum. He was Minister of Industry and Trade in 1990-1991. Between 1991 and 1994 was Governor of the Hungarian National Bank.