Published by Gbaf News
Posted on January 27, 2012
5 min readLast updated: January 22, 2026
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the Governing Council of the European Central Bank (ECB) adopted Opinion CON/2011/104 on draft legislation regarding the Magyar Nemzeti Bank (MNB), the central bank of Hungary.
On 21 December 2011 the Governing Council of the ECB received a new request, dated 13 December 2011, from the Hungarian Ministry for the National Economy for an opinion on a revised draft law, which was submitted to the Parliament on 16 December 2011 and contained substantive amendments in comparison with the version of the draft law on which the ECB had issued Opinion CON/2011/104.
Furthermore, the ECB took note of a new draft constitutional law, which would authorise the legislator to merge the MNB with the Financial Supervisory Authority and create a new institution. This draft constitutional law has not been submitted to the ECB for consultation.
On 22 December 2011 the Governing Council of the ECB adopted Opinion CON/2011/106 on the independence of Magyar Nemzeti Bank. In this opinion, the Governing Council of the ECB expresses its concern about, inter alia:
Provisions in the draft law on the MNB that could undermine the central bank’s independence. In particular, against the backdrop of constant changes in the composition of the MNB’s decision-making bodies, the increase in the number of members of the Monetary Council, together with the possibility of increasing the number of deputy governors – without due consideration of the MNB’s needs – gives rise to concern as to whether this could be used to influence the decision-making process, to the detriment of central bank independence.
Copyright © for the entire content of this webpage: European Central Bank, Frankfurt am Main, Germany.
the Governing Council of the European Central Bank (ECB) adopted Opinion CON/2011/104 on draft legislation regarding the Magyar Nemzeti Bank (MNB), the central bank of Hungary.
On 21 December 2011 the Governing Council of the ECB received a new request, dated 13 December 2011, from the Hungarian Ministry for the National Economy for an opinion on a revised draft law, which was submitted to the Parliament on 16 December 2011 and contained substantive amendments in comparison with the version of the draft law on which the ECB had issued Opinion CON/2011/104.
Furthermore, the ECB took note of a new draft constitutional law, which would authorise the legislator to merge the MNB with the Financial Supervisory Authority and create a new institution. This draft constitutional law has not been submitted to the ECB for consultation.
On 22 December 2011 the Governing Council of the ECB adopted Opinion CON/2011/106 on the independence of Magyar Nemzeti Bank. In this opinion, the Governing Council of the ECB expresses its concern about, inter alia:
Provisions in the draft law on the MNB that could undermine the central bank’s independence. In particular, against the backdrop of constant changes in the composition of the MNB’s decision-making bodies, the increase in the number of members of the Monetary Council, together with the possibility of increasing the number of deputy governors – without due consideration of the MNB’s needs – gives rise to concern as to whether this could be used to influence the decision-making process, to the detriment of central bank independence.
Copyright © for the entire content of this webpage: European Central Bank, Frankfurt am Main, Germany.
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