EU will not take Hungary to court over Central Bank Act

EU

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.

ADVERTISEMENT

Sharp Rise in Energy Costs Putting Strain on Competitiveness Analysis

Sharp Rise in Energy Costs Putting Strain on Competitiveness

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim... City

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.