Hungary vows more changes to central bank law

(BUDAPEST) - Hungary on Friday vowed to make additional changes to a controversial central bank law after the European Central Bank criticised recent amendments as insufficient.

"The goal is to create a law that ensures long-term functioning of an independent central bank," said the Ministry of National Development in a statement to the news agency MTI adding that talks with the European Union, ECB and International Monetary Fund were still ongoing.

The ECB complained on Thursday that the amended draft law "still fails to address a number of previously highlighted concerns as regards the independence" of Hungary's central bank.

In response to widespread criticism over a radical shake-up of the way Hungary runs its central bank, the Hungarian parliament -- where conservative Prime Minister Viktor Orban's Fidesz party holds a two-thirds majority -- passed a new series of amendments to the draft law earlier this week.

Further alterations to the controversial law could be made before the parliament will finally vote it on Monday, said Antal Rogan, the caucus leader of the governing Fidesz party.