The adoption of amendments to the Law on the Bulgarian National Bank (BNB), crucial for Bulgaria‘s entry into the eurozone, was unexpectedly blocked in parliament as the ruling GERB party withheld its support. These changes, introduced by Dimitar Glavchev’s caretaker government, aimed to align the BNB leadership’s responsibilities with constitutional reforms from 2023, which allow central bank officials to assume government roles such as Prime Minister. The amendments would have required the BNB governor and deputies to resign if they accepted such positions.
During the vote, only 33 MPs from “We Continue the Change-Democratic Bulgaria” (WCC-DB) backed the bill. Opposition parties, including “Revival,” “DPS-New Beginning” (DPS-Peevski) and “BSP-United Left,” as well as several GERB MPs, voted against, while most GERB MPs, along with those from “Democracy, Rights and Freedoms” (DPS-Dogan) and “There Is Such a People” (TISP), abstained.
Debates on the bill descended into contentious exchanges. Martin Dimitrov from DB accused GERB of avoiding accountability and aligning with Revival to block the legislation. Revival’s Tsoncho Ganev retorted by calling WCC-DB a “Dogan mat” and accusing them of siding with GERB. A heated dispute also erupted between Revival and BSP representatives after Atanas Atanasov from the left criticized Revival for exploiting public fears with “cheap populism.” Revival leader Kostadin Kostadinov fired back, claiming BSP would fail to enter the next parliament as its members will defect to Revival. Atanasov dismissed Kostadinov’s remarks as desperate attempts for legitimacy.
Yavor Bozhankov of WCC-DB also targeted Revival, accusing them of hypocrisy for benefiting from European funding while opposing the Eurozone. Revival MP Stoyan Taslakov responded by dismissing Bozhankov as an opportunistic figure appointed to attack Revival.
Despite the fiery debates, the bill failed at its first reading. Following the vote, Ivaylo Mirchev of DB expressed frustration, noting GERB’s unexplained opposition to the amendments required by the European Central Bank and outlined in the convergence report. He warned that rejecting the law jeopardizes Bulgaria’s path to eurozone membership.
Update:
We are sharing a press release by WCC-DB regarding the recent vote on the amendments to the Bulgarian National Bank (BNB) Act:
“WCC-DB Stands Alone in Support of the Eurozone: BNB Independence Must Be a National Priority
The National Assembly rejected at the first reading proposed amendments to the BNB Act, aimed at ensuring the independence of the Bulgarian National Bank in line with European Central Bank (ECB) standards. Among all parliamentary groups, only the WCC-DB deputies supported the amendments, which were submitted by the caretaker government and prepared by the BNB in December. The changes required the BNB governor or deputy governor to step down from their position at the central bank if appointed as prime minister.
The amendments align with Article 130 of the Treaty on the Functioning of the European Union and uphold the principle of institutional independence for central banks. This independence is critical to maintaining stability in monetary policy and meeting the requirements for Bulgaria’s entry into the eurozone.
Speaking in parliament, Martin Dimitrov of the WCC-DB group called on GERB and other ruling parties to explain their opposition to changes that directly support the country’s eurozone membership and safeguard the BNB’s independence. “Central banks must operate independently, free from executive interference, to ensure stable monetary policy. GERB has yet to provide any justification for their stance against the proposed amendments,” Dimitrov stated. He also warned that rejecting such a bill jeopardizes Bulgaria’s compliance with requirements for adopting the euro, especially as the country seeks an extraordinary convergence report and a favorable decision.
Following the vote, Ivaylo Mirchev emphasized to reporters that while Bulgaria meets the criteria, its path to the eurozone is at risk due to the lack of political support for key legislative measures. “We have no explanation as to why GERB opposed the bill. Today, we stood alone in support of the eurozone, and we expect answers,” Mirchev said.
WCC-DB continues to advocate for the country’s eurozone accession as a matter of national priority.”
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Publish date : 2025-01-22 08:30:00
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The post GERB Blocks BNB Amendments, Raising Concerns Over Bulgaria’s Eurozone Entry (UPDATED) – Novinite.com first appeared on Love Europe.
Author : love-europe
Publish date : 2025-01-23 00:19:45
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