Central Banking

Havel challenges new central bank law in court

Czech President Vaclav Havel called on the country's top court on Dec 22 to strike down several key passages in a new legislation on the central bank (CNB), saying they violated the constitution.

Havel's step, announced in a statement, was widely expected, and marks another stage in a heated political battle over the independence of the central bank from government and opposition politicians who have long tried to bring it under more control.

The new law, effective in January 2001, orders the c