Sun, Nov 22 2009

Bulgaria to seek eurozone entry within GERB’s term – Finance Minister

Thu, Sep 17 2009 08:54 CET byDnevnik.bg 768 Views
Bulgaria to seek eurozone entry within GERB’s term – Finance Minister

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Bulgaria joining the euro zone is a top priority for Prime Minister Boiko Borissov's GERB Government, and the plan is to achieve this during this term of office, Deputy Prime Minister and Finance Minister Simeon Dyankov said on September 16 2009 in an interview with news agency Reuters.

The ministry has already initiated unofficial talks about entry into the exchange-rate mechanism ERM 2 - the European Union’s two-year currency stability test before the country can replace local currency the lev with the euro.

The Government has submitted to the European Commission (EC) its package of 59 measures announced on September 15 to cushion the blow of the economic downturn.

If it manages to put together a balanced budget, Bulgaria will send out a clear sign that it is on a different path from its predecessor, according to Dyankov, who predicted that if it achieves this goal or at least proves its commitment, Bulgaria will have better access to cash flows.

Bulgaria will join the ERM 2 in November 2009, Djankov said after taking office after Borissov's GERB won the largest share of votes in the July 5 2009 national parliamentary elections.

Joining the ERM 2 is among the set of criteria a country should meet before it can adopt the euro. Bulgaria has not yet fulfilled two of the other euro convergence criteria, the inflation rate and long-term interest rates.

Source: Dnevnik.bg

 

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