ABSTRACT
This contribution must begin with an apology to professional historians since it comprises the reflections of an economist who was for a long time a central banker. Furthermore, this experience has led to the personal belief that an institution's history is contained and sustained as much in and by its staff, whose experience, traditions and esprit de corps is inherited by successive generations, as in its archives and written history - if ever they are consulted. I am proud of the training that I received from such custodians of tradition as Janos Baracs, who was for a considerable period the chief economist of the National Bank of Hungary and then became an important staff expert with Maxwell Stamp, London; Bela Szajani of the Bank's Economics Division; and the Bank's General Director Ferenc Jeszenszky, as well as from former officials of the Treasury concerned with credit, such as Gybrgy Matyasfalvy and Bela Csikos-Nagy.
