ECB calls for changes to draft Austrian central bank law

The Austrian National Bank

The European Central Bank has called for Austria’s government to modify a draft law in order to maintain the independence of the Austrian National Bank (OeNB).

In a formal opinion, the ECB objected to the way the draft law required OeNB to effectively finance a new productivity board. Under European Union law, the ECB must be consulted about proposed changes to member states’ laws that affect their central banks.

The draft law would set up a productivity board, in line with a recommendation

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