Talks on Hungary Central Bank Act held at ECB headquarters

EU

Representatives of the Hungarian government, the National Bank of Hungary, the European Central Bank, the European Commission and the International Monetary Fund held informal talks to clear up issues surrounding Hungary's Central Bank Act at ECB headquarters in Frankfurt on Monday, the National Economy Ministry told MTI late in the day.

The parties at the talks declined to reveal any further information.

MTI learnt that the ministry was represented by deputy state secretary for financial policy Roland Nátrán at the talks. Hungary's central bank was represented by deputy governor Ferenc Karvalits.

National Economy Minister György Matolcsy recommended the talks to ECB governor Mario Draghi earlier.

The ECB expressed concern over changes to the Central Bank Act in an opinion published on its website last Thursday.

Ensuring the independence of the National Bank of Hungary in the Central Bank Act is seen as a precondition for the start of talks on precautionary financial assistance Hungary is seeking from the IMF and the EU.

National Economy Ministry state secretary Zoltán Cséfalvay said at an event organized by the German-Hungarian Chamber of Industry and Commerce (NMIKK) on Monday that the talks in Frankfurt were expected to produce a solution on disputed points of the law. Afterward, Parliament can vote on any necessary changes, removing an obstacle from reaching an agreement with the IMF and EU, he added.

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