Bulgarian National Bank Chief Radev Rules Out Acting Prime Minister Role Amid Political Crisis

Amid prolonged political uncertainty, the resilience of the Bulgarian state rests primarily on the steady performance of its core institutions. This assessment was shared by Bulgarian National Bank Governor Dimitar Radev in an interview with BTA, given at a moment when the country is again facing a government resignation, just days before joining the eurozone.

Radev underlined that the state cannot be reduced to the lifespan of individual cabinets. When institutions function in a stable and predictable manner, even deep political crises can pass without causing serious economic disruption. In his view, the current situation highlights weaknesses in the institutional framework, but he expressed confidence that the BNB has both the authority and capacity to preserve stability.

He rejected the notion that political turbulence automatically translates into economic danger. According to Radev, risks emerge only when instability is combined with irresponsible or inconsistent decision-making. Bulgaria’s challenge, he said, lies not in the absence of rules, but in their uneven application, which reinforces the importance of strong institutions and a political class capable of building long-term predictability.

The central bank’s role in such conditions, Radev explained, is to guarantee continuity and confidence. While remaining outside the political arena, the BNB safeguards the monetary system, the banking sector, and public trust, thereby acting as an anchor during periods of uncertainty.

Eurozone membership, he added, significantly changes the environment. It imposes tighter discipline and limits ad hoc political or economic decisions, offering a clearer and more predictable framework for governance. This, in turn, cushions the impact of domestic political instability and global volatility.

Addressing the issue of an extended budget, Radev described it as an imperfect but necessary solution under current circumstances. While a regular budget is preferable, the extension helps maintain fiscal discipline and relative economic balance during political turbulence, instead of serving short-term political aims.

On whether institutions can offset political instability, Radev said they can provide time and temporary calm, but cannot replace political accountability. Strategic decisions, he stressed, ultimately belong to elected officials.

Radev was categorical that he would not accept the role of acting prime minister, despite being constitutionally eligible. Such a move, he argued, would undermine the independence of the central bank and damage trust in the institutional system, especially at a critical moment of monetary transition.

As for international perceptions, he noted that financial markets focus on rules, institutional effectiveness, and strategic direction. From this perspective, Bulgaria’s imminent eurozone entry is viewed positively, regardless of domestic political challenges.

In conclusion, Radev emphasized that stability requires discipline, strong institutions, and long-term vision. Without these, the cost is borne by society as a whole. Ahead of the holidays, his message was one of cautious reassurance: the state has institutional support even when politics falters, offering grounds for calm and measured optimism.