Ex Bulgarian Finance Minister: Djankov - Great Ideas, Poor Performance

During his term as Bulgarian finance minister M. Velchev raised controversy with his innovative fiscal policies. Photo by BGNES.

Bulgaria's finance minister Simeon Djankov has the right ideas, but is failing in applying them, according to former finance minister Milen Velchev.

“Djankov's fundamental views are something I share”, said Velchev in an interview for Bulgarian Nova TV, praising Djankov's push for reform.

Yet there has been a failure in communication and negotiation within the cabinet and with the public and we can witness Djankov giving up his proposals for reform, according to Velchev.

Djankov is a very good economist, but is weaker in political consensus-making, implied the interview.

What is going on with Bulgaria's 2010 state budget is “not laudable”, according to Velchev. He pointed out that Bulgaria will retain a similar budget deficit to last year's, in contrast to other European countries that are lessening their deficit.

Milen Velchev was finance minister 2001-2005 in the cabinet of former Bulgarian tsar Simeon Saxe-Coburg. Since that period he has been a member of the governing bodies of Simeon's political party, the liberal National Movement for Stability and Prosperity. The Movement was part of the tripartite coalition ousted from power in 2009 after a landslide victory of the now-ruling center-right GERB in general elections.

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