ECB concerned with Hungary central bank independence.

By bne IntelliNews December 16, 2010
The European Central Bank (ECB) expressed concern over the independence of the central bank over recent draft amendment to the central bank law, the ECB said in a statement on its website. The ECB also warned Hungary not to influence the monetary policy of the central bank as it would thus violate the acquis communautaire. Regarding the monetary council bill, which envisages the appointment and possible dismissal of members by the parliament, the ECB pointed out the importance of having an independent central bank in order to preserve a stable monetary policy. Therefore the ECB emphasised o the need to separate monetary policy from the influence of short-term political interests. Regarding the amendments to the remuneration of the members of the supervisory board, the ECB warned that thus the supervisory board members will be paid more than some monetary council members. The ECB also said that the governments constant criticisms over the central banks rate setting decisions could be seen as the government trying to influence the governor in the performance of his tasks.

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