Bloomberg News

ECB Has ‘Concerns’ About Hungary Central Bank Independence

December 15, 2011

Dec. 15 (Bloomberg) -- The European Central Bank said it is concerned about the independence of Hungary’s central bank, Magyar Nemzeti Bank, after frequent revisions to the way senior staff are appointed.

“Constant changes in the composition of the MNB’s decision-making bodies, the increase in the number of Monetary Council members, together with the possibility of increasing the number of deputy governors gives rise to concerns whether this could be used to influence the decision-making process to the detriment of central bank independence,” the ECB said in a legal opinion on draft legislation, published on its website today.

To contact the reporter on this story: Jeff Black in Frankfurt at jblack25@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net


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