The minutes of the National Bank of Hungary's July monetary policy meeting, published today (August 8), show members of the central bank's council were divided over whether to cut rates.

Members noted that output was likely to fall this year before recovering in 2013, while inflation remained subdued, but likely to increase as a result of the government's fiscal policy. Against this backdrop, some members argued that the current rate of 7% represented a "significant burden" on the economy