Austria agrees to lift veto on full Schengen accession for Bulgaria and Romania
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Georgian President Salome Zourabichvili on February 23 vetoed amendments to the law governing the country’s National Bank, describing them as “neither necessary, urgent nor reasoned”.
According to the amendments, which Georgia’s parliament passed on an expedited basis, a newly appointed special representative would replace the National Bank’s president in the case of his absence. The amendments would also increase the number of executive members of the bank’s executive board.
Zourabichvili said said there was “no doubt” that the parliament would not support National Bank president candidates nominated by her, and by creating an additional special representative position [in case of rejection of her candidates], the latter would be able to perform the duties of the bank's president “for an indefinite period”.
She expressed hopes that the parliament would not override the veto.
The Georgian Dream party's amendments are seen by critics as another power grab by the ruling party, which would enable it to override the president and stuff the central bank board with its own candidates. It comes as the government is under growing international criticism for other anti-democratic moves such as Russian-inspired proposals to impose tighter controls on NGOs. These moves have cast doubt on Georgia's hope of joining Ukraine and Moldova as an EU candidate country.
In early February, the National Bank voiced opposition towards the amendments, arguing that the changes threaten its independence.
During a recent visit to Tbilisi, the IMF warned that any changes to the National Bank’s governance framework should be carefully contemplated and follow a deliberative consultation process to ensure that central bank independence and credibility are safeguarded.
The amendments’ explanatory note explains the need for changes by stating that in the absence of the National Bank's president, it is unclear which of the three serving vice-presidents would perform the duties of the president and according to which procedures the duties will be assigned to a vice president.
In response, the bank said that its activities have never been affected by the absence of the president. It also noted that just once in its history was a vice-president required to step into the role of president.
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