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

19 Of 751 MEPs Sign Up For Harassment Course

Of the 751 members of the European Parliament, just 19 have signed up for a pilot training course on how to recognize and prevent harassment at the workplace, according...

Bulgarian Embassy In Yemen To Be Closed Due To Civil War Instability

The Bulgarian Government has decided to suspend its diplomatic mission in Sana'a, the Republic of Yemen on January 1, 2020. The situation of insecurity...

Bulgarian Environment & Water Minister Neno Dimov Charged With Deliberate Mismanagement

Bulgaria’s Minister of Environment and Water, Neno Dimov, on January 10 was accused of deliberate mismanagement. He remains in custody for 72 hours. The...

Recent

BMW Signs €540m Deal With Chinese Supplier

German automotive giant BMW has announced that it has signed a deal with a Chinese supplier to cover all its lithium needs for battery electric vehicles over the...

Bulgaria Seeking To Buy 746 Million Euro Of Armored Vehicles

Bulgaria intends to seek offers from four manufacturers for a 1.46 billion levs ($838 million/746 million euro) contract, VAT included, for delivery...

Bulgarian 2020 Economic Forecasts

"There will surely be an economic downturn, but how much depends on the combination of external and internal factors "