Hungarian opposition leader Peter Magyar has pledged sweeping democratic reforms and closer ties with the European Union after securing a decisive election victory, ending the long rule of Viktor Orbán.
Magyar's centre-right Tisza party won a two-thirds majority, giving it the power to overhaul institutions, tackle corruption and restore judicial independence (key conditions for unlocking billions in frozen EU funds). He said his government would move quickly to meet those requirements and re-engage with Brussels.
Markets reacted positively, with the Hungarian forint surging and stocks rising sharply on expectations of improved EU relations and renewed funding flows.
The result marks a major geopolitical shift. Orbán, in power for 16 years, had maintained close ties with Russia and repeatedly clashed with the EU over rule-of-law concerns, leading to funding suspensions, including the 90 billion euros loan to Ukraine.
Magyar has signalled a pro-European direction, calling the vote a decision to anchor Hungary firmly in Europe. He also proposed constitutional changes to limit prime ministers to two terms, effectively preventing Orbán from returning to power.
On foreign policy, Magyar struck a more balanced tone on Ukraine than his predecessor, backing cooperation while insisting that the rights of Hungary's ethnic minority in Ukraine must be addressed.
"We will do everything to restore the rule of law, plural democracy, and the system of checks and balances," he said.