login
login
Image header Agence Europe
Europe Daily Bulletin No. 10626
Contents Publication in full By article 20 / 39
SECTORAL POLICIES / (ae) hungary

Vote on amendments to central bank law postponed

Brussels, 04/06/2012 (Agence Europe) - The final vote in the Hungarian parliament on the amendments to the law on the national central bank (MNB), initially scheduled for Monday 4 June, has been put back to a later date, it is reported in the media. A request for a delay was made on Sunday 3 June by Mihaly Varga, chief Hungarian negotiator in talks with the International Monetary Fund (IMF) and the European Union, AFP reports, citing the MTI agency. The move comes after the European Central Bank (ECB) had, over recent days, cast doubt about whether the amendments would be able to ensure the full independence of the institution. On 30 May, the Hungarian parliament partially validated the amendments brought at the request of the European Commission, the ECB and the IMF. For a time, the Commission had threatened Hungary with infringement proceedings. The ECB indicated at the time of the vote that these amendments did not satisfy all of its concerns. According to AFP, these concerns relate to authority over MNB foreign currency reserves being granted to the monetary council and not the head of the bank and to how future members of the monetary council are to be appointed. In severe financial difficulty, Hungary sought assistance, estimated at between €15 billion and €20 billion from the EU and the IMF at the end of 2011. With international creditors insisting on the full independence of the Hungarian central bank, it is still waiting for talks to be opened. (SP/transl.rt)

Contents

A LOOK BEHIND THE NEWS
ECONOMY - FINANCE - BUSINESS
SECTORAL POLICIES
EXTERNAL ACTION
SOCIAL AFFAIRS - EDUCATION
WEEKLY SUPPLEMENT