The main party in Moldova's pro-European coalition has proposed making an influential politician and businessman the next prime minister of the country, which is mired in political instability.

The Democratic Party said Wednesday it had chosen Vlad Plahotniuc, who has business interests in oil, finance, banking and the media, as premier.

President Nicolae Timofti will nominate a prime minister this week, then Parliament needs to approve the nomination. Three parties announced Monday they had formed a pro-European coalition with a majority in Parliament.

Earlier Wednesday, Plahotniuc called for stability at a rally attended by thousands. In another district, thousands protested reports that he would picked for the job.

Moldova has been plagued by instability since up to $1.5 billion went missing from three banks prior to the 2014 parliamentary election.