Hungary's negotiating team with the EU and the IMF is in informal talks this week with European political leaders after visiting the IMF in Washington last week. These talks are aimed at preparing official negotiations for a credit line with the international bodies.
Zoltan Csefalvay, a state secretary at the ministry, said that the government will make changes that the EU demanded on Monday in several Hungarian bills, including the central bank law, which has been criticised by the European Central Bank for threatening the Central Bank's independence.
Mr Csefalvay noted that the government can finally amend its legislation as the criticism this time includes specific points.
As for the timing of the changes in the challenged legislation, Mr Csefalvay said: "Talks will now start on the basis of the EU's list", adding that the government needs to act promptly to avoid letting the legal case reach the European court. The European Commission on Tuesday opened three legal cases against the Hungarian government, aiming to undo laws that the commission says threaten the independence of key government agencies.
Mr Csefalvay said that the two most important points regarding the central bank law are the maximum number of the rate-setting Monetary Policy Council members, which has been raised to nine from seven, and the maximum number of deputy governors, which has been raised to three from two.
Full article
© Wall Street Journal
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article