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ECB’s Newest Rate-Setter Has Seen the World Order Collapse Before
The 69-year-old head of Bulgaria’s central bank was a Finance Ministry official in the 1980s when the Communist government abruptly closed it.
fter witnessing the regime’s eventual collapse and the ministry’s reinstatement, he helped his country emerge from a bout of hyperinflation before joining the push to make it the euro area’s 21st member.
After hyperinflation abated in the 1990s, the country pegged its currency, the lev, first to the Deutsche mark and then to the euro — effectively surrendering control over its monetary policy
“Politics is often seen as a source of stability,” Radev said. “In reality, it is increasingly a source of volatility, uncertainty and systemic risk. This is something central banks must factor into their assessments.”
Joining the bloc also required a cleanup of Bulgaria’s financial sector, where murky ties between politicians and businesses triggered a banking crisis just over a decade ago.
Radev took over the central bank in 2015 after the country’s No. 4 lender collapsed.
Before returning to Bulgaria to lead the central bank in 2015, Radev worked at the International Monetary Fund, which is now headed by his compatriot Kristalina Georgieva.
There, he led missions on public-finance management in more than 20 countries from Africa to central Asia.
At 2%, the ECB’s deposit rate is “within or very close to the broad interval typically associated with neutral territory,” Radev said, referring to the range that neither stimulates nor restricts economic growth.
RE: Star
“The role of the euro must and will grow. The more pertinent question is whether the necessary conditions will be created – institutionally and politically – to support this evolution within the broader framework of euro area policy.”
Bloomberg 19 July 2025
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