Károly Fazekas graduated from the Budapest (then Karl Marx) University of Economics in 1975 and received his Ph.D. in economics from the Hungarian Academy of Sciences. Working at the Institute of Economics since 1975 he is at present a senior research fellow and the director of the Institute. His research covers several fields of labour economics and regional economics including: labour market dynamics, employment, issues, the labour market dimension of FDI inflows, employment policy and regional development policy. He acts as a participant or leader in several Hungarian and international research programs. Lecturing at Hungarian Universities on a regular basis he was invited as a visiting professor to the Hitotsubashi University of Tokyo in 1997. On several occasions he has been elected to the scientific committee of the Hungarian Academy of Sciences and has been actively involved in expert work on employment and regional development policy in Hungary. President of the Labour Economics Committee he is also a member of the Committee of Economics of the Hungarian Academy of Sciences and a member of the Board of Association of Hungarian Economists. He has been a member and later expert of the National Labour Market Board from 1990 and an expert of the Labour Committee of the Hungarian Parliament since 1994. Karoly Fazekas has acted as consultant to Hungarian ministries, government agencies, trade unions and several EU, ILO, OECD, World Bank projects during recent years and is the editor of the yearbooks entitled “The Hungarian Labour Market” published by the Institute of Economics. He is a member of the editorial Board of the periodicals “Pénzügyi Szemle” (Financial Review).