ECB calls for changes to draft Austrian central bank law
Mechanism for paying productivity council’s head would be monetary financing, ECB says
The European Central Bank has called for Austria’s government to modify a draft law in order to maintain the independence of the Austrian National Bank (OeNB).
In a formal opinion, the ECB objected to the way the draft law required OeNB to effectively finance a new productivity board. Under European Union law, the ECB must be consulted about proposed changes to member states’ laws that affect their central banks.
The draft law would set up a productivity board, in line with a recommendation
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