Bulgaria Set To Join The European Exchange Rate Mechanism Phase 2 By April 2020

Bulgaria’s finance minister Vladislav Goranov has said the country will possibly conclude all processes needed for its accession to the Exchange Rate Mechanism II and the Banking Union of the EU by the end of April 2020, local media reported. 

After the European Insurance and Occupational Pensions Authority (EIOPA) expressed its support of Bulgaria’s prospective entry in ERM II – the mandatory preparatory stage for the adoption of the euro – and the Banking Union, the country is now awaiting approval from the European Central Bank (ECB),  news outlet Dnevnik.bg quoted Goranov as saying on Wednesday.

In August 2018, Bulgaria’s government adopted an action plan detailing measures in relation to the country’s bid to join the ERM II by July 2019. The measures in the plan are aimed at strengthening the regulatory framework on banking supervision, improving the macroprudential framework on credit borrowers, strengthening supervision of the non-banking financial sector (pension funds and insurers) and improving the insolvency framework, the government said at the time.

The European Bank for Reconstruction and Development (EBRD) said last year that the government should focus in 2019 on further reforms aiming to prepare Bulgaria for joining ERM II and the Banking Union, as well as addressing issues raised by the EU’s Cooperation and Verification Mechanism (CVM).

“In particular, the government needs to implement the new anti-corruption law, further improve the independence and efficiency of the judiciary, and step up the fight against organised crime by improving the legislative framework and increasing transparency,” the EBRD said at the time.

Earlier this month, the European Commission said that it mulls concluding the monitoring of Bulgaria under the CVM due to the country’s ‘sufficient progress’ in meeting its commitments regarding the mechanism.

Read More

BSMEPA To Work To Increase Cooperation Between Greek And Bulgarian Companies

The Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA) expressed its wish to work actively for deepening the cooperation between Bulgaria and Greece in the field of business.

Albania & Kosovo To Scrap All Trade Barriers

Albania and Kosovo will remove all trade barriers between them in the first half of next year, Albania’s prime minister Edi Rama said on...

Limited Traffic in Downtown Sofia To Last Until March 3rd

Enhanced security measures on the eve of the National Day March 3. Heavy traffic is expected in downtown Sofia due to restrictions.


Bulgarian Scientist To Now Participate In CERN Research

MPs ratified an agreement between the Ministry of Education and Science and the European Organization for Nuclear Research, the BNR reported.

Bulgaria Pressured By EU To Implement Personal Bankruptcy Rights

A new European directive recommends that Member States start implementing the debt-forgiving regulations - a bankruptcy procedure, not only for companies but...

Bulgaria Nuclear Project Nearing Reality

Bulgaria has shortlisted General Electric (GE) and four other international companies as candidates for a contract to build a new nuclear power...