Secrecy over MNB funds sparks constitutional dispute

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The two most recent annual reports published by the European Central Bank (ECB) contained detailed and, in some cases, unprecedented criticism of a European Union state's central bank. The institution in the ECB's firing line was not a Eurosystem member forced into a loose interpretation of European rules in a bid to ensure short-term stability. Instead, it was the Central Bank of Hungary, the Magyar Nemzeti Bank (MNB). Hungary belongs to the EU, but has not adopted the euro. Its central bank st

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