Central Bank Governor Declines Caretaker PM Role as Consultations Continue

President Iliana Iotova continues consultations on the appointment of a caretaker prime minister. Four meetings are scheduled for today, January 28 with individuals designated by the Constitution as eligible for the post.

The first meeting was with the Governor of the Bulgarian National Bank (BNB), Dimitar Radev. After his talks with President Iotova, he told reporters that he was declining the position of caretaker prime minister.

“The focus was on the forthcoming appointment of a caretaker prime minister. I once again stated my position, which is that accepting such a role would constitute a violation of both Bulgarian and European legislation, as well as of the established ethical standards of central banking. The sanction for such a breach is immediate resignation,” Radev said.

He warned that such a step would risk destabilising what is currently perhaps the most stable institution in the country – the Bulgarian National Bank. It would also deprive Bulgaria of full representation and voting rights on the Governing Council of the European Central Bank at the very start of its membership in the eurozone.

“That would send a very negative signal to the markets and to our partners, with all the adverse consequences that would follow. My position is motivated both by institutional logic and by a sense of institutional responsibility,” Radev added.

After the meeting with Dimitar Radev, President Iotova is due to hold talks with the deputy governors of the BNB. By the end of the week, she is also expected to meet the Ombudsman and her deputy, as well as the Head of the National Audit Office and the two deputies.

Under the procedure, once President Iotova designates a candidate to form a caretaker government and holds consultations with the parliamentary parties, that candidate will have one week to propose a cabinet. At the same time as appointing the caretaker government, the President must also set a date for early parliamentary elections, which should be held within two months.