Brussels, 16/12/2011 (Agence Europe) - The European Commission and the IMF (International Monetary Fund) decided on Friday 16 December to cut short their visit to Hungary to discuss financial aid. The reason cited was their “concerns” over the future independence of the Hungarian central bank.
“The European Commission is concerned at the intention of the Hungarian authorities to press for the adoption of laws which could potentially undermine the independence of the central bank”, said Amadeu Altafaj, the spokesman for Economic Affairs Commissioner Olli Rehn.
He said that the Commission and the IMF had expressed their intention to discuss the independence of the Hungarian central bank during formal talks, scheduled to take place at the start of 2012, on possible precautionary financial aid to Hungary, because “the independence of central banks is one of the cornerstones of the Maastricht Treaty”. Now, “out of the blue, the authorities have put the Bill to parliament and sought an emergency procedure, just as the two institutions were arriving in Hungary for preparatory discussions”, Altafaj said.
Hungary, which is deeply indebted, opened negotiations with the IMF and the EU with a view to asking for financial aid, thought to be of between €15 and €20 billion. This visit was the first contact, with formal negotiations due to begin in January and, it was hoped, agreement reached in February. (LC/transl.rt)