Sergey Stanishev, chairman of the Bulgarian Socialist Party and interim President of the Party of European Socialists, has been elected Vice President of the Socialist International.

Stanishev's election was announced in Capetown, South Africa, the Socialist International, the worldwide organization of social democratic, socialist and labor parties, is holding its 24th Congress.

In his speech to the SI Congress, Stanishev, who opened a discussion of international leaders on the global economic crisis, urged a restoration of Europe's competitiveness by defending its welfare model.

He further spoke in favor of solidarity, coordination, and economic policy integration in Europe, in a wider context, including common European economic governance.

In his words, this is supposed to boost Europe's employment and growth, and to provide sustainable financial tools for supporting investments.

During the SI Congress, Stanishev had meetings with Romanian Prime Minister Viktor Ponta, Belgian Prime Minister Elio Di Rupo, former Serbian President Boris Tadic, among other international political figures.

On Friday, Stanishev is scheduled to meet with South African President Jacob Zuma.