Rule of Law Mechanism: Hungarian Stock Market Plunges, Forint Weakens
As we reported earlier, the European Commission announced on Tuesday that it is launching the rule of law procedure against Hungary. When President Ursula von der Leyen made this announcement, the stock market in Hungary plunged, weakening the forint from its 370 value against the euro to 377.
After the European authority continued to express its concerns about Hungary and Poland, especially with regard to the independence of the judiciary and corruption, the financial market reacted quickly: the Hungarian stock market began to fall, and the forint weakened. Read More...