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European Commission - Press release

Commission decides to enter into negotiations on precautionary financial assistance with Hungary

Brussels, 25 April 2012 - The Commission has today assessed that Hungary has taken sufficient action and commitments to enter into negotiations on precautionary balance of payment assistance.

This decision has been taken in light of commitments by Hungary, confirmed by PM Orban yesterday after his meeting with President Barroso, to take tangible steps to ensure compliance with EU law on all the issues that are relevant for the stable and independent legal environment that lies at the heart of the investors' confidence and influences macroeconomic stability.

Based on Hungary's reply to the European Commission's administrative letter on this matter, the Commission has agreed today to close the infringement case on the independence of the Central Bank once the relevant legislation is adopted. The Hungarian authorities have also committed to continue consultations with the European Central Bank in view of finding an agreement on the remaining open issues.

Hungary has also committed to address promptly and fully the recommendations of the Venice Commission on key priority areas in the field of the judiciary reform.

Before the negotiations can be concluded, the Commission expects that the commitments are fully implemented.

Contacts :

Amadeu Altafaj Tardio (+32 2 295 26 58)

Vandna Kalia (+32 2 299 58 24)

Audrey Augier (+32 2 297 16 07)

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