Here is Hungarian central bank governor Andras Simor:

“As for speculative attacks, I keep saying that [Ukrainian heavy weight champion boxer] Vitali Klitschko doesn’t get smacked on the street corner but the scrawny, bespectacled kid who is exempt from physical education classes does get beaten up, because they reckon he won’t hit back”

Recently the Hungarian forint has been “smacked”. Mr. Simor seems to indicate that the forint is no “Klitschko currency” – or rather that the reason for the sell-off in the forint is bad Hungarian fundamentals.

Hence, what Mr. Simor is saying is that there is no such thing as a “speculative attack”. Currencies does not just weaken out of the blue – there is always a reason and conspiracy theories rarely can explain market movements. Luckily for Hungary the country has a central bank governor who understand economics and markets.

The question is, however, who is the strongest – Chuck Norris or Vitali Klitschko? So while the Chuck Norris effect is saying that “You don’t have to print more money to ease monetary policy if you are a credible central bank with a credible target” the Vitali Klitschko effect says that “a central bank can only be credible if it has the proper firepower”.