Father of Bulgaria's Currency Peg Prescribes 'Unique' Corruption Cure

Politics » DOMESTIC | November 2, 2012, Friday // 09:49| Views: | Comments: 0
Bulgaria: Father of Bulgaria's Currency Peg Prescribes 'Unique' Corruption Cure Corruption is Bulgaria’s biggest problem today and it is high time that the country got serious about it, according to Steve Hanke, a renowned economist, known best in Bulgaria as the architect of its currency board system. Photo by Sofia Photo Agency

Steve Hanke, the architect of Bulgaria's currency regime, has provided what has been described as a unique prescription for how to address Bulgaria's biggest problem, today - corruption.

"Bulgaria's finance minister is uniquely qualified to clean up the corruption mess,"
Steve Hanke wrote in his article, which appeared in the October issue of Bulgaria's Manager magazine.

"Prime Minister Borisov should issue a mandate directing Minister Djankov to dramatically improve Bulgaria's position in corruption rankings, and should grant him extraordinary powers to accomplish this task."

According to Steve Hanke the minister should be given a new employment contract, based on the "first-class pay for first-class performance" principle.

"Indeed, Dr. Djankov should be awarded a much higher salary – one commensurate with his new responsibilities," the renowned economist suggested.

In his article, entitled "Bulgaria: Fifteen Years Later", Steve Hanke also reflects on the establishment of Bulgaria's currency board, thanks to which Bulgarians overcame the hyperinflation crisis of 1996-97, and finally began to realize stability and economic growth, as well as the years he spent as adviser to the then President Stoyanov.

FULL text of the article read HERE

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Tags: Steve Hanke, Bulgaria, currency board system, CBS
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