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European Commission welcomes decision on financial transactions duty

European Commission spokesman Olivier Bailly welcomed national economy minister György Matolcsy's announcement on Friday that the financial transactions duty will not be extended over the National Bank of Hungary (MNB).

"We certainly welcome the announcement of economic minister Matolcsy about the intention not to impose the tax on the central bank, and we hope that it will be translated, without delay, into a proposal to change the corresponding law that will be adopted in the next days."

As regards the new package of measures to improve Hungary's fiscal balance, Bailly said they will thoroughly analyze all the elements of the program and will provide an assessment on November 7 when publishing the economic forecast for the entire European Union.

Speaking about the talks on IMF/EU about financial assistance asked by Hungary, Bailly said that, after the International Monetary Union (IMF), European Commissioner for Economic and Monetary Affairs Olli Rehn also sent a letter to Hungary on Thursday afternoon.

The Hungarian government has received both letters, now "it is for them to come back to us so that we can continue the ongoing process", Bailly said.

The spokesman said that at this stage he was unable to give a date for when the talks can continue in Budapest.