The Law on the Bulgarian National Bank does not contradict EU law with regard to the requirements for members of national banks, as well as in relation to the grounds for their dismissal. This is, in general, the opinion of Advocate General Nicholas Emiliu, expressed today before the Court of Justice of the European Union (CJEU) in the case related to the removal of Andrey Gyurov as deputy governor of the Bulgarian National Bank (BNB), reports lex.bg.
The opinion of the Advocate General is as follows guideline:
1.Article 130 of the Treaty on the Functioning of the European Union and Article 7 of the Statute of the European System of Central Banks (ESCB) and of the European Central Bank (ECB) must be interpreted as precluding national legislation which requires a member of a decision-making body of a national central bank (NCB), such as a deputy governor, to submit to the competent national authority a declaration disclosing his or her interest, such as a participation as a shareholder in a company or a participation in the management body of a non-profit organisation;
2.Article 14.2 of the Statute of the ESCB and of the ECB must be interpreted as applicable under EU law only to the governors of NCBs. However, this provision must be interpreted as precluding national legislation which sets the same substantive conditions for the early dismissal of a deputy governor (deputy governor);
3.Article 130 TFEU and Article 7 of the Statute of the ESCB and of the ECB must be interpreted as precluding national legislation which does not prohibit a deputy governor of a national central bank from holding a share in a limited liability company, provided that that legislation includes a mechanism allowing it to be determined whether, in specific circumstances, the holding of such a share gives rise to a conflict of interest which may affect the independent functioning of the NCB or public confidence in that independence. If such a conflict of interest is identified and it is possible to eliminate it within a certain period after appointment, Article 14.2 of the Statute should be interpreted as meaning that if the person has failed to eliminate that conflict within that period, he or she may be considered as no longer fulfilling the conditions for the performance of the duties, provided that the period is adequate and the point in time from which it starts is clearly defined;
4.Article 130 TFEU and Article 14.2 of the Statute of the ESCB and of the ECB should also be interpreted as precluding national legislation which prohibits the participation of a deputy governor in the management body of a non-profit-making legal person without the authorisation of the competent authority. National legislation should allow such incompatible employment to be terminated within a certain period after appointment, such as Article 14.2. of the Statute must be interpreted as meaning that if the person has not ceased that activity within that period, he or she may be considered as no longer fulfilling the requirements for the performance of the duties within the meaning of that provision, provided that the period is adequate and the point in time from which it begins is clearly defined;
5.Article 130 TFEU and Articles 7 and 14.2 of the Statute of the ESCB and of the ECB must be interpreted as requiring the competent authority which must establish the grounds for the removal of a Governor of an NCB to be empowered to assess whether that person has been found guilty of serious misconduct within the meaning of Article 14.2 of that Statute.
The case before the CJEU was initiated following a reference with eight questions from the Supreme Administrative Court, which was examining an appeal by Andrey Gyurov against the decision of the Governing Council of the BNB that there were grounds for his dismissal as Deputy Governor. According to the Board, he “does not meet the requirements necessary for the performance of his duties“ and has been “found guilty of committing a serious violation” - two of the grounds in the BNB Law for dismissing a deputy governor.
The decision was reached after the now-closed Anti-Corruption Commission (ACC) sent the BNB its decision establishing incompatibility with Andrey Gyurov. This incompatibility is justified by his "participation as a partner in "Yontech Engineering" Ltd., as well as in connection with his activities as a member of the management body of non-profit legal entities: Association "Balkan - Panitsa Institute for Scientific Research" and Association "Golf Club Blagoevgrad", without a decision of the Governing Council of the BNB under Art. 12, para. 5, clause 2 of the Bulgarian National Bank Act.
Gyurov appealed not only the decision of the BNB Governing Council, but also that of the ACC, which the Central Bank followed. At the end of 2024, the Sofia City Administrative Court (SCAC) ruled that the decision of the CPC was null and void, as it was not constituted in accordance with the procedure and conditions established by law and was therefore an incompetent body without an assigned mandate. In addition, the SCAC found a series of procedural violations, and also ruled that the CPC was not competent at all to rule on the existence of grounds for the dismissal of a member of the BNB Governing Board (see the full text of the decision here). However, this decision has not entered into force, as it was challenged before the Supreme Administrative Court, which in turn stayed the case because it is awaiting the ruling of the court in Luxembourg in connection with the appeal against the BNB decision.
Today's conclusion of the Advocate General is not binding on the CJEU, but practice shows that conclusions are often adopted by the court and become the basis for its decision.
In the meantime, Andrey Gyurov agreed to be the acting Prime Minister and with the issuance of the decree appointing him as such, he resigned from the BNB. This is a consequence of the new BNB Law, which entered into force on 1 January 2026 and which provides that if the governor or deputy governor of the bank expresses explicit consent to be appointed acting Prime Minister, he must resign. According to Art. 13, para. 8 of the BNB Law, in this case the powers are terminated with the appointment as acting Prime Minister in accordance with Art. 99, para. 5 of the Constitution.
Prior to the conclusion of the Advocate General, the BNB requested the Supreme Administrative Court to terminate the case on Gyurov's appeal. The following is clear from the order of the chairman of the panel, Georgi Cholakov: “On February 24, 2026, an application was filed by the defendant in the case, making the following requests: to resume the proceedings in the case; to withdraw the preliminary reference submitted to the CJEU, on which case C-611/2024 was initiated; to leave the appeal of Andrey Gyurov against Decision No. 340 of July 16, 2024 of the BNB Governing Board without consideration and to terminate the proceedings in the case”.
The SAC ordered that a copy of the application be served on Gyurov, who may express his opinion on it. In addition, the court obliges the National Assembly to submit a copy of Gyurov's resignation as Deputy Governor of the BNB. Only then will the three-member panel of the Supreme Administrative Court rule on the Central Bank's request.