Economics
Bulgaria’s Euro Accession Dream Stumbles as Virus Spreads
- ERM-2 membership delay to 2021 isn’t fatal, central bank says
- Bulgaria plans to revise budget to allow new borrowing
A worker reaches for lev banknotes and coins at a snack kiosk counter in Sofia, Bulgaria.
Photographer: Jasper Juinen/BloombergThis article is for subscribers only.
Bulgaria’s plan to join the euro area hit a road block, with the central bank saying the coronavirus crisis had rendered targets to integrate deeper this year “unrealistic.”
It’s the latest setback in efforts of the bloc’s poorest member to join both the ERM-2, known as the waiting room for the euro area, and the euro-area’s banking union by July.