Economy
Hungary waits for ECB opinion before submitting new central bank law to Parliament
Parliament was due to discuss the new central bank law - part of 32 so-called cardinal laws derived from Hungary's new constitution that will take effect next year - at its Friday session. But local news agency MTI reported, citing an unnamed source in the government, that lawmakers may not approve six of these laws, including the one on the central bank, the spring session of Parliament. MTI did not specify the reason for the delay.Asked about the report, the government spokesman's office told Reuters it had consulted with the Hungarian central bank on the new law but wanted to wait for the ECB's assessment before submitting it to parliament.
"The government will submit the bill to parliament in such a manner that it allows the opinion of the European Central Bank to be taken into consideration," it said in an emailed response.
Before calling upon Hungary on 8 Nov to honour its obligation to consult the ECB in the future, the Bank had admonished Hungary over a public sector pay cut, which also effected incumbent central bankers.
A spokeswoman for the ECB told Reuters the Bank has already received the draft law but had yet to form an opinion.
"The Hungarian government has submitted the new law on the National Bank of Hungary for assessment," Eszter Miltényi said.
"The government will submit the bill to parliament in such a manner that it allows the opinion of the European Central Bank to be taken into consideration," it said in an emailed response.
Before calling upon Hungary on 8 Nov to honour its obligation to consult the ECB in the future, the Bank had admonished Hungary over a public sector pay cut, which also effected incumbent central bankers.
A spokeswoman for the ECB told Reuters the Bank has already received the draft law but had yet to form an opinion.
"The Hungarian government has submitted the new law on the National Bank of Hungary for assessment," Eszter Miltényi said.
