Reuters: US Dollar Report: ECB says Hungary cbank law addresses key concerns

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ECB says Hungary cbank law addresses key concerns Jun 29th 2012, 09:43 BUDAPEST, June 29 | Fri Jun 29, 2012 5:43am EDT BUDAPEST, June 29 (Reuters) - Proposed changes to Hungary's disputed central bank law address key concerns raised by the European Central Bank over the independence of the country's central bank (MNB), the ECB said in a legal opinion published on its website on Friday. "The draft amendments, alongside a commitment not to increase the size of the Monetary Council during the term of the current MNB Governor, are an indication that the Hungarian Government is now ready to respect the MNB's institutional independence," the ECB opinion said. The ECB said it would monitor closely the observance in practice of central bank independence and continue to liaise with the Hungarian government to address remaining issues. ECB unease about Hungary's central bank reforms has been a factor in preventing the country from holding talks on an international aid package.

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