Bulgaria Shifts on Euro Accession Plans After ECB Pressure
- Goranov sees simultaneous entry into ERM-2 and banking union
- Minister asks euro members not to make new demands for entry
A bull statue stands outside the Bulgarian Stock Exchange in Sofia.
Photographer: Jasper Juinen/BloombergThis article is for subscribers only.
Bowing to pressure from the European Central Bank and the European Union, Bulgaria will seek to join the bloc’s banking union and the precursor for euro-area membership simultaneously within the next year, its finance minister said.
The government in the EU’s poorest member appeared to yield to recommendations from the European Central Bank and the European Commission, which have said Sofia needs to improve governance, the economy and banks.