EU's Moscovici Urges Bulgaria Not to Rush With Euro Adoption
- Moscovici gives no timetable for Balkan nation’s accession
- Goranov reiterates plan to apply for ERM-2 entry in June
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Bulgaria will be the next euro-area member, but it should take time to strengthen its economy and institutions to avoid a Greek-crisis scenario, European Union Economic and Monetary Commissioner Pierre Moscovici said.
The Balkan nation, which holds the EU’s rotating presidency through June, is seeking to advance its euro aspirations this summer by bidding to enter the exchange-rate mechanism, the precursor to the single currency. It’s expecting a road-map to euro adoption, Prime Minister Boyko Borissov said Thursday after meeting Valdis Dombrovskis, the EU’s financial-services policy chief. Speaking Friday to Bulgarian television, Moscovici declined to discuss a time frame.