/ world today news/ The saga with the resignation of the current governor of the BNB, Ivan Iskrov, is coming to an end. Within days we expect to learn who the real candidates are for the prestigious position.
The names that have been circulating in the public space so far were trial balloons, claim prominent personnel. The news that John Kerry or the IMF would dictate the casting was also denied. Not that he would not weigh in on their word at the last moment, but the embarrassment would have been great if the overseas missionaries had publicly pointed the finger at their favourite. Even the Kremlin used to act more cautiously and conspiratorially when it had to place its own person in the highest power in our country!
So the search for the right person will continue until the last moment. And since the situation is more than critical, it is right to ask what qualities the new chosen one should possess?
The clear preferences of politicians and parliamentarians is to be equally distant from all parties and corporations. Their hidden agendas are known: to be accommodating and discreet when their financial interests are put to the test. Then they leave him in peace to sort out his affairs in the vault (as long as he doesn’t serve them a surprise like the KTB affair, which saddened the lives of former and current rulers who got rich along with the pyramid bank).
The truth is this: the way out of the recession and the financial crisis will not be found without the participation of the BNB. The next governor of the central treasury is obliged to present his strategy on how to link the banking sector with the real sector of the economy, so that the former becomes an engine to get the latter out of the quagmire of the crisis.
If we turn to the recent past and take a sober look at the failure of the outgoing governor, it is imperative to elect not a successor but a Renovator of the system. Which figure is suitable for this responsible cause?
First of all, a proven professional. Which means:
O? A man who grew up in banking circles, who found a way out of crisis situations, showed that he did not hesitate to part with his position when he was forced to violate corporate standards generally accepted in his business;
O? A banker who knows his craft. A financial expert who is on “tee” with the banking model “Marka BG” – locked in the iron armor of the Currency Board, amputated the emission function of the central bank; which means that a new “Dyankov” type missionary is not needed!
O? A team player who leads the team and does not desert his personal or collective responsibility when one or another leadership unit fails. A similar critical unit today is the supervision at the BNB.
Secondly, to have the qualities of a strategist. In Bulgarian terms, this means:
O? To initiate reform and introduce supervision, which would make banks in our country work according to international rules and strictly comply with European directives in working with customers;
O? To cure the commercial banks from the disease of usury; to motivate them to perform the second inherent function: investment lending;
O? To lead and implement the “Inclusion in European Banking Supervision” maneuver; to re-engineer the Currency Board model – so as to combat deflation for the foreseeable future; to be one of the leading architects in the safe incorporation of Bulgaria into the earthquake-stricken Eurozone;
O? To feel comfortable, demonstrating professional self-confidence, in the international banking community;
Thirdly, to have a clean financial history and a realistic vision for his future career.
Which means, to be ready to attack him from the first day for any action or inaction in his career, giving rise to suspicion of dependence, greed, susceptibility to corruption, etc. To become an innovator, that is. savior of the Bulgarian, dangerously destabilized banking system, demands that he dedicate himself to it completely, without thinking about where fate will take him tomorrow. And she, fate, in most cases has given the rescuers an extremely difficult personal and family existence to survive. But also a well-deserved respect afterwards.
Reading the text above, I can see that it sounds preachy in places. I also realize that lofty goals, national benefits and individual sacrifices are not the mark of our time. Today, career breakthroughs, authoritarian arrogance and an unforgiving attitude towards the small man and ordinary businessman are valued.
It was these qualities that morally dethroned the outgoing governor of the BNB. The new chosen one must be his antipode!
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Professor Krastyo Petkov, Chairman of the Union of Economists in Bulgaria.
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