March 5th, 2013
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Matolcsy takes office, new powers over central bank

Hungary’s new central bank governor took steps on Monday to tighten his grip on the bank at the start of a reign which foreign observers worry will help drag Hungary further out of the European mainstream.

Prime Minister Viktor Orban has already overhauled Hungary’s constitution and other laws to increase the ruling Fidesz party’s control of the media and courts and the nomination of Economy Minister Gyorgy Matolcsy to head the bank was read in a similar vein.

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