June 19th, 2012

Gov’t to fast track central bank legislation, says Rogán

The ruling Fidesz party has proposed that parliament should discuss the government’s amendment to the Central Bank Act in an expediated procedure next week, Fidesz group leader Antal Rogan told a press conference on Monday.

The bill seeks to leave decision-making powers of the central bank’s Monetary Council in place, but the bank’s management will be responsible for their implementation, Rogan said.

Parliament’s passing the amendment into law will remove the last obstacle from Hungary’s talks with the International Monetary Fund and the European Union on financial assistance, the group leader said.

The new amendment will not affect the provisions of the current act related to the expansion of the Monetary Council and the appointment of a new central bank governor, chief negotiator with the IMF and the EU Mihaly Varga told MTI earlier. However, Prime Minister Viktor Orban will send a letter to the presidents of the European Commission and the European Central Bank, informing them that there will be no new appointments into either the Monetary Council or the central bank management until the mandate of the current management of the NBH expires.

On the subject of next year’s budget, Rogan said that the Fidesz group will discuss the Economy Ministry’s draft next week and make a formal decision concerning the party’s support for the document. He added, however, that the draft is seen as a “budget of recovery” among Fidesz deputies.

Next year’s budget will ensure that support for families and small enterprises is continued, and create stable conditions for the country to meet possible international challenges, Rogan said.

Fidesz supports the government in its efforts to pass a part of the public burden onto large companies and banks rather than to increase personal income taxes or reducing wages, he added.

  • Democrat

    Stunning. They drag their feet for 6 months and now suddenly want to “fast track” the change. Something tells me that they need the money pretty urgently.

    BTW…what “support for families and small enterprises”?

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