NBH Welcomes ECB Opinion That Hungary Must Protect CenBank Independence

The National Bank of Hungary have posted a statement on their website, welcoming the opinion of the European Central Bank that Hungary must protect central bank independence:

• "Recently, the Ministry of Finance initiated the amendment of the Hungarian Central Bank Act in order to - among other things - amend the scope of duties of the MNB Board of Directors and extend the powers of the MNB Supervisory Board."
• "As the ECB's opinion draws attention to, even based on the proposed new supervisory powers of the MNB's Supervisory Board, it cannot be authorized to monitor the MNB's activities that would directly or indirectly affect the basic tasks of the MNB and those related to the European System of Central Banks."
• See the full statement here.