site.btaFinance Minister: Agreement on Independent Boards of Regulators Required before Rotating Cabinet Members

Negotiations between Continue the Change-Democratic Bulgaria (CC-DB) and GERB-UDF on the composition of the Council of Ministers and the formation of a government after the rotation need to be preceded by an agreement in principle between the power-sharing partners that would guarantee the election of independent members of the regulatory bodies and chart a path towards judicial reform, including reform of the prosecuting magistracy, Finance Minister Assen Vassilev, who is also CC co-leader, said on Wednesday. Vassilev was speaking to reporters at an event organised by the European Investment Bank. He clarified that GERB must choose whether to accept this approach or go to early parliamentary elections.

"There will be a coalition when Bulgaria has independent court, regulators and prosecuting magistracy," Vassilev stressed.

Answering a BTA question, the Finance Minister pointed out that once Bulgaria joins the euro area, the Silver Fund (State Fund for Guaranteeing the Stability of the State Pension System) will remain as it is until a comprehensive decision is taken to reform the state pension system.

Commenting on the fiscal reserve, Vassilev explained that once the law on the euro introduction is adopted, an assessment will be made of what funds are needed for Bulgaria's participation in the capital of the European Central Bank, the European Stability Mechanism, among other commitments this country has made. What remains will continue to be kept in the Bulgarian National Bank and will be used to repay government debt.