The Hungarian Government is committed to the commencement of the negotiations on a precautionary financial assistance with the EU and the IMF which necessitates the resolution of the issues raised in the infringement procedure related to the Magyar Nemzeti Bank.

The Government prepared a draft law modifying the Act CCVIII of 2011 on the Magyar Nemzeti Bank and the Transitional Arrangements of the Fundamental Law of Hungary. The Hungarian Government informed the Commission on the proposed amendments and, in a similar vein, the opinion of the Magyar Nemzeti Bank and the European Central Bank was requested. The ECB and the MNB sent their respective opinions to the Government and, according to the letter of the Director General of the European Commission of 9 March 2012, the European Commission had taken note of the proposed amendments. The Government sent the legislative proposal with unchanged content to Parliament on 17 April 2012.

Once the proposed amendments are adopted by the Parliament, the central bank law will be in line with EU-law. The only remaining open issue in the infringement procedure relates to the remuneration of the incumbent President and Deputy Presidents of the MNB, who were appointed before the new Act on the Magyar Nemzeti Bank came into force.

The Government sent the consulted legislative proposal to Parliament to demonstrate its strong commitment towards the formal negotiations by showing readiness to implement the commitments taken.

(Ministry for National Economy)