How the EU can help Bulgaria avoid another banking crisis: Op-Ed by Ivaylo Iaydjiev
Bulgaria’s central bank will soon have a new central bank governor. Ivaylo Iaydjiev, DPhil candidate at the Blavatnik School of Government, takes this moment to reflect on three critical ways that the EU can support central bank reform in Bulgaria.
The 2014 bank run on KTB, one of Bulgaria’s largest banks, revealed serious frailties in the country’s banking system. In an Op-Ed published 27 April in EU Observer, Iaydjiev’s lays out practical reform proposals that can improve supervision and regulatory oversight: the appointment of the next governor through a transparent and meritocratic process, holding the future governor legally responsible for the actions of deputy-governors, including the one for banking supervision, and increasing transparency.
To learn more, including about what role the EU and the European Central Bank can play, read the Op-Ed here.
(Photo credit: EU Observer)