Salary cuts for staff at the National Bank of Romania are in breach of the EC treaty and threaten the central bank's independence, the European Central Bank (ECB) has warned.
In response to the passage of a law cutting the wages of central bankers by 25%, Vitor Constancio, the vice president of the ECB, said in an open letter to the Romanian government that decisions over the remuneration of National Bank of Romania employees by national authorities without prior consent from the ECB breached th
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