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Hungary to Present Changes in Judiciary Laws to EU Next Week

HUNGARY
  • Hungary’s government published planned changes to laws governing the judiciary in an effort to meet EU demands after almost $30b in funding was blocked due to corruption and graft concerns, Bloomberg report. A draft of the legislative amendment was published on the cabinet’s website, which includes reforms to the judicial supervisory system and an extension of transparency laws. “We’re working so that the Hungarian people receive the funds that are owed to them,” Justice Minister Varga wrote in a Facebook post on Thursday. She said she would present the text to the EU executive on Jan 24.
  • If inflation starts dropping soon, and sustainably, interest rates can be eased, paving the way for a rapid economic turnaround based on green technologies, NBH Governor Matolcsy said according to MTI. At a meeting with the head of the competition office, he added that the central bank would do everything possible to restore and preserve price stability.
  • “A change in outlook to negative by Fitch this Friday is a likely scenario,” Erste analysts said in a note published yesterday. Accessing frozen EU funds will be key in avoiding a rating downgrade in the future, they add. S&P, which has Hungary on negative outlook since August, will publish its rating review next week. Fitch’s decision is expected around 2300 CET.
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