Quick reaction from the EU to Hungary's election result

HUNGARY - In Brief 05 Apr 2022 by Istvan Racz
It took less than 48 hours for the EU Commission to react to Hungary's election result. Today, Mrs. von der Leyen told the European Parliament that the Commission is now starting a rule-of-law procedure against Hungary, the first of its kind in the EU's history. The Commission have sent questions to the Hungarian government and received answers already. Its current decision is based on the analysis of the response sent by the government.Yesterday, EU Commissioner Johannes Hahn was quoted as saying they think Sunday's election has not solved any of the existing rule-of-law problems with regard to Hungary. It is pretty much clear that the Commission had been waiting for the outcome of the election with its decision to go ahead with the procedure.The forint is falling on this news today - it is currently trading around EURHUF 376. Should it not return to EURHUF 370 or stronger shortly, the MNB would be essentially forced to raise the sterilisation rate further from the current 6.15% level at Thursday's deposit tender.

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