Hungary govt holds off on cbank-watchdog merger decision

History

Hungary's government has not taken a decision on whether to merge financial market regulator PSzÁF with the National Bank of Hungary, Prime Minister Viktor Orbán said on public radio on Friday. "I'm not pushing this discussion and I don't even want to make such a decision for the time being, but I find it correct that due to the debate on banking union in Europe, this discussion has begun at a professional level … If the opinions of professionals converge on a well-established position then the government will consider the issue and bring about a decision," Orbán said in an interview with Kossuth Rádió. Central bank governor György Matolcsy said in an interview with MTI published on Thursday that the MNB would support a merger with PSzÁF if one was initiated by the government or the governing parties. Matolcsy noted that strengthening the rights of oversight of the central banks became a global trend – one especially prevalent in the European Union – after 2008. The practice of maintaining supervisory authorities and regulators independent of the central bank has "proved to be inappropriate", he added.

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