Hungary Plans to Pass Central Bank Bill This Year, Minister Says

Hungary plans to pass a law by the year-end governing the central bank, including how monetary policy committee members are nominated, even after the European Commission called for it to be withdrawn, Foreign Affairs Minister Janos Martonyi said in an interview on public radio station MR1-Kossuth today.

Lawmakers amended the draft to satisfy most of the European Central Bank’s recommendations, the minister said. The EC yesterday said President Jose Barroso called on Hungarian Prime Minister Viktor Orban to withdraw and rewrite the draft law, saying it would subject the Hungarian central bank to improper political influence.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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