It’s being reported that a breakthrough in negotiations with the International Monetary Fund and the European Union as Hungary’s government has agreed to restore independence to the country’s central bank. Legislation passed near the beginning of the year had called this status into doubt, throwing the country’s long-term fiscal stability into doubt. This in turn caused the international bodies to put talks on another bailout loan seen as key to the country’s hopes of re-financing outstanding debt to an end. The pressure, it seems, is finally making itself felt in the practical sorts of changes demanded by the international community.
