ECB lambasts Hungarian financial transaction tax

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The European Central Bank (ECB) on July 24 issued a stinging opinion accusing the Hungarian government of impairing the National Bank of Hungary's "functional and institutional independence" by forging ahead with a controversial financial transaction tax.

Under the new law, a 0.1% charge is levied on transactions carried out by the central bank, with no ceiling set. This, the ECB said, disrupts the monetary policy transmission mechanism by affecting the attractiveness of overnight deposits and

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