Economy

xchrom

(108,903 posts)

24. Hungary’s Orban May Demote Simor With ‘Total Takeover’ of Central Bank

Thu Dec 15, 2011, 08:58 AM

Dec 2011

http://www.bloomberg.com/news/2011-12-14/hungarian-government-seeks-to-expand-monetary-council-correct-.html

Hungarian Prime Minister Viktor Orban is aiming for a “total takeover” of the central bank through proposals that would infringe on its independence, Magyar Nemzeti Bank President Andras Simor said.

The European Central Bank said it’s concerned about a bill to change the composition of the central bank’s decision-making bodies. A second proposal to merge it with the nation’s financial regulator is “only an option” and approval at a vote in Parliament tomorrow wouldn’t automatically create the combination, Orban said today in Budapest.

The premier has been curbing the power of independent institutions and asserting his influence since winning a two- thirds parliamentary majority last year. Simor said in March he rejected what he called “bullying” by a government official to quit before his mandate expires in 2013.

“This is undermining someone who had strong credibility among investors,” Benoit Anne, the London-based head of emerging-markets strategy at Societe Generale SA, said yesterday in a phone interview. “Demoting Simor would be a major blow to investor confidence. This is a major development.”

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STOCK MARKET WATCH, Thursday, December 15, 2011 [View all] Hugin Dec 2011 OP

I'm still editing away on this thing. Hugin Dec 2011 #1

Oooooh, neat! I'm glad somebody is taking it over Warpy Dec 2011 #2

Warpy! Hugin Dec 2011 #4

Morning. Good work! Ghost Dog Dec 2011 #14

I've considered what you mention. Hugin Dec 2011 #16

Done. Ghost Dog Dec 2011 #31

Also, I wonder if anyone thinks any additional charts such as these below Ghost Dog Dec 2011 #37

I'm not sure any value would be added. Hugin Dec 2011 #39

What I learned. Hugin Dec 2011 #79

Glad you're keeping SMW alive. tclambert Dec 2011 #88

Wonder how many others couldn't find SMW. nc4bo Dec 2011 #3

You're welcome. Hugin Dec 2011 #5

Teething problems? Fuddnik Dec 2011 #6

Maybe a dog picture will fix it. Hugin Dec 2011 #7

Teeth Fuddnik Dec 2011 #15

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K&R! hamerfan Dec 2011 #9

Markets Brace For France Downgrade, Possible SNB Action On EURCHF Ghost Dog Dec 2011 #10

EUR/CHF tumbles on unchanged SNB monetary policy Ghost Dog Dec 2011 #11

Euro zone decline eases, recession still looks certain - PMI Ghost Dog Dec 2011 #12

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Good morning, PBD. Hugin Dec 2011 #36

Data Signal Strengthening American Economy Ghost Dog Dec 2011 #77

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morning -- looks good hugin! xchrom Dec 2011 #20

Thanks xchrom. Hugin Dec 2011 #34

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Executive Psychopaths, Harvard Business Review, October 2004 Ghost Dog Dec 2011 #84

Cannot disagree with that at all. dixiegrrrrl Dec 2011 #91

WooHoo! Demeter Dec 2011 #45

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Think RICO. Think Conspiracy to Defraud Demeter Dec 2011 #54

i have plenty on hand if that happens! xchrom Dec 2011 #55

Used to be... Ghost Dog Dec 2011 #71

'distinct from musical comedy.' Nt xchrom Dec 2011 #72

Farcical, yeah. n/t Ghost Dog Dec 2011 #78

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Actions speak louder than words, SEC. dixiegrrrrl Dec 2011 #52

Good work, esp if you are on a hand held, I think you said??? dixiegrrrrl Dec 2011 #50

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I have not been into my fav coin shop for a while...... AnneD Dec 2011 #80

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K&R DoBotherMe Dec 2011 #87

K&R Hugin Dec 2011 #89