ECB warns Hungarian law could harm central bank’s independence

Bid to expand executive board's powers comes amid growing rift between governor and prime minister

Central Bank of Hungary
The Central Bank of Hungary

The European Central Bank (ECB) has warned Hungary’s government against passing a draft law that could reduce the independence of the country’s own central bank.  

In a legal opinion published on February 26, the ECB warned that the proposed law might infringe the independence of the Central Bank of Hungary (MNB). It said the law would change the powers of the MNB’s executive and supervisory boards. 

Under the treaty on the functioning of the European Union, all member states must consult the ECB

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