Matolcsy calls for Rehn to resign

Olli Rehn

National Bank of Hungary governor Gyorgy Matolcsy on Thursday called for the resignation of European Commissioner for Economic and Monetary Affairs Olli Rehn because of the European Union’s faulty economic policy. Speaking at a conference Mr Matolcsy said the EU had followed a bad economic policy. The central bank governor also said he had called on the big ratings agencies to start talks on upgrading Hungary. He said the 3pc mid-term inflation target was the only anchor for the NBH’s monetary policy. He added that he NBH expects low inflation for the time being, leaving room for further easing. Mr Matolcsy said he expected the NBH to close 2013 around the break-even mark.