Bulgaria Keen on Euro Adoption

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Bulgaria’s Finance Minister Vladislav Goranov has suggested that the Balkan country is ready to join the eurozone, and that it will take its first steps along the road to adopting the single currency this summer. Mr Goranov told assembled journalists in Sofia on January 11 that Bulgaria will “most likely apply in the first semester” to join the EU Exchange Rate Mechanism (ERM II), the successor to ERM which helps non euro-area countries prepare themselves for participation in the euro area. The convergence criterion on exchange rate stability requires participation in ERM II.

“We are talking with the ECB intensively, and with the member states. Our strategy is that we want to get their assurance that they are willing to look positively at our application. I want to stress that Bulgaria is not a risk, we are much more stable than some member states,” Mr Goranov said.

Prime Minister Boyko Borisov seconded Mr Goranov’s statement: “Bulgaria has a stable currency, growth of 4 per cent and low unemployment. We are ready to join the waiting room for the euro,” he said.

Speaking the following day, the head of the European Commission Jean-Claude Juncker – in Sofia to officially launch Bulgaria’s six-month rotating Presidency of the Council of the European Union (EU) – praised the country’s strong public finances and said all countries that meet the criteria should be able to adopt the euro.

“I did not say that Bulgaria will be automatically the next member of the euro zone, but it is heading in the right direction because unemployment is falling, the budgetary situation is strong, so when it comes to genuine convergence, Bulgaria has achieved progress,” Mr Juncker said.

“It is not quite enough yet and our Bulgarian friends are aware of this, but when it comes to real convergence there has been genuine progress,” he said. “I am sure that Bulgaria will, or should join the ERM-2 as rapidly as possible.”

The visit of EU officials to Sofia has been met with large protests, not against the EU but at the Bulgarian government’s decision to go ahead with the expansion of Bansko ski resort in the Pirin National Park, a World Heritage  site home to bears, chamois, wolves and centuries old pine forests.

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WARSAW, POLAND - MAY 07, 2016: Building Palace of Culture and Science among the modern buildings of the city

Assaults on the Judiciary: How CEE Governments Are Trying to Restrict Judicial Independence, and Why It’s Not Working… For Now

poland romania justice system

Steep Jump in Georgian Exports

container ship in import export and business logistic.By crane Trade Port Shipping.cargo to harbor.Aerial view.Top view.

EBRD Transition Report Highlights Financial Sector Resilience

Baku

Retail Rents Rise Across Emerging Europe

Na Prikope Prague

EU Triggers Article 7 Against Poland

CRACOW POLAND - JULY 23 2017: Another day in Cracow thousands of people protest against violation the constitutional law in Poland. Defense of the triad of division of power free election and independence of the highest court in Poland

EconMin: Bulgaria — Number One Outsourcing Destination And an Island of Stability in Europe

Ukraine’s Gas Reserve Estimates Revised Upwards

Industrial concept. Liquid gas container. Gas storage in the port. Pipelines in the refinery

Belarus Steps Up Liberalisation of Business

belarus

CEE Emigrants Could Boost Their Countries’ Economies

Londoners walking through Millennium Bridge with St.Paul's Cathedral at the background after sunset - London, UK

IMF Urges Croatia to Speed Up Reform

croatia

Georgia Leads Emerging Europe in Ease of Doing Business Report

Slovenia Sets Green Vehicle Deadline of 2030

ljubljana

Lithuania Handed Top Marks for Business Services

Beautiful panorama of Vilnius Old Town taken from Gediminas hill; Lithuania

More Brexit Fears As the UK Proves To Be A Needed Member

City of London view from Waterloo Bridge. This view includes: St. Paul`s Cathedral The Gherkin Tower 42 and Blackfriars Bridge.

SEE Link — Sharing SEE Europe’s Hopes for a Brighter Investment Future

Chickens Blamed for Romanian Budget Deficit

Two white chickens or hens inside a chicken coop or hen house seen through chicken wire.

Ukraine Is Offering Europe Unique Combat and Technological Experience

Belarus Introduces New Business-Friendly Auditing Procedures

MINSK, BELARUS - AUGUST 15, 2016: Aerial view of the southwestern part of the Minsk with Palace of Sport and old and new other buildings. Minsk is the capital and largest city of Belarus.

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