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Central Bank Act: Orban Gives In

Published: January 21, 2012; 14:04 · (Vindobona)

Hungary waives the planned merger of the Central Bank and the Financial Market Authority. Yesterday, Austria´s Minister of Foreign Affairs visited Orban in Budapest.

Central Bank Act: Orban Gives In / Picture: © Reuters

As Hungary is strongly dependent on financial aids by the IMF and the EU, Hungary´s Prime Minister had no other choice. The planned merger between the Hungarian Central Bank and the Financial Market Authority, which would have abolished the Central Bank´s independence, will not take place. In December, negotiations between the Hungarian government and the IMF were cancelled. Hungary…

This article includes a total of 252 words.

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