How Bulgaria is destroying its "currency board"

Since June 11 2003, the Bulgarian National Bank (BNB) has been without a governor as Bulgaria's parliament wrangles over a replacement appointment. (Never mind that this replacement date has been in the government's diary for six years.) At issue is not just the choice between the favourite of prime minister's party (NMS), Ivan Iskrov, or the incumbent Svetoslav Gavriiski, but the government's access to the so­called fiscal reserve. In particular, the socialist opposition (BSP) in parliament has

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