The European Commission stepped up pressure on Hungary over Prime Minister Viktor Orban’s consolidation of power, calling on the government to heed its warnings about the erosion of the rule of law in the nation.
Hungary has failed to resolve concerns about media freedom as the government has implemented “only a fraction” of the recommendations to deal with the issue, according to European Union Commissioner Neelie Kroes.
Hungarian Prime Minister Viktor Orban’s lawmakers backed a constitutional amendment to curtail judicial authority, setting up a showdown with European Union nations seeking to sanction members that violate basic values.
Council of Europe Development Bank plans to sell 10-year kangaroo bonds, according to an e-mailed statement from RBC Capital Markets, which is helping to manage the sale with Commonwealth Bank of Australia and UBS AG.
Hungary’s forint dropped to a nine- month low as falling inflation stoked prospects for interest- rate cuts and lawmakers backed constitutional changes some European Union members say undermine democracy.