Bulgaria Reluctant to Seek ECB Scrutiny Before Euro Entry
- Nation plans simultaneous banking union, euro-area membership
- Money-laundering scandals in Latvia have prompted ECB caution
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Bulgaria, which is seeking to cement its path to euro adoption this year, said it has no plans to join Europe’s banking union before switching to the common currency.
The Balkan nation wants to join the exchange-rate mechanism -- the waiting room for euro adoption -- this summer. While becoming a member of the union before entering the euro area could help allay concerns over banking transparency in the wake of money-laundering scandals elsewhere in eastern Europe, such a step isn’t on the cards.