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EC to prepare analysis of Hungary Central Bank Act soon

The European Commission will soon prepare an analysis of Hungary’s new Central Bank Act, a spokesman for Vice President of the Commission Olli Rehn said on Monday.

Amadeu Altafaj Tardio could not definitely say whether the analysis would be completed by the time the Commission holds its first meeting of the year on Wednesday.

The new Central Bank Act was approved by Parliament at its last session in 2011. Earlier, the Commission said a draft of the legislation could hurt the National Bank of Hungary’s independence.

The Commission is analysing not only the Central Bank Act but all "cardinal" legislation - requiring a two-thirds majority to amend - approved by the Parliament late in 2011.