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EU will not take Hungary to court over Central Bank Act

European Commission Vice President Olli Rehn will not refer a legal row over Hungary's central bank laws to the European Court of Justice because Budapest is cooperating with the European Commission, Reuters said on Tuesday, citing a document it had seen.

"Hungary has now promised to change its legislation and provided additional commitments and clarifications," Reuters quoted the document as saying. 

"Provided Hungary follows through on the measures it has communicated, the Commission is prepared to close this case once the legislation is adopted," it said.

Resolving issues the European Union has with the Central Bank Act is seen as a precondition to the start of official talks on precautionary financial assistance Hungary is seeking from the EU and the International Monetary Fund.