Committee supports candidate for Central Bank governor

Parliament’s Finance and Central Budget Committee has endorsed Ante Žigman, the HDZ nominee for governor of the Croatian National Bank, approving his appointment by majority vote. The proposal will now go to the full parliament, with debate scheduled for next Wednesday and a vote expected on Friday.

The former head of the Financial Services Supervisory Agency said his main priority would be protecting citizens’ living standards.

“For many citizens, inflation is not an abstract concept – it is part of everyday life. Food and services cost more, and the same income buys less than it did just a few years ago. That is why I believe the Croatian National Bank must not only demonstrate a clear understanding of this challenge, but also act decisively to ensure that preserving price stability remains its primary and fundamental responsibility,” Žigman said.

He also cautioned against unrealistic expectations that a national central bank within the euro area can independently resolve inflationary pressures. Instead, he outlined two key areas of action for the CNB in addressing inflation: coordination within the European Central Bank framework, where he said smaller economies’ concerns should be more strongly represented, and the use of macroprudential tools and credit channels to help reduce demand-side pressures, which he described as a key driver of inflation.

“We should move in the direction of directing loans and the credit potential of banks towards productivity and production, rather than consumption,” he added.

Žigman also stressed that the Croatian National Bank must remain an independent institution, making decisions carefully and in the best interests of citizens.