Bulgaria’s Aspirations for Eurozone Membership
Bulgaria’s Aspirations for Eurozone Membership

Author(s): Jakub Pieńkowski
Subject(s): Supranational / Global Economy, Governance, Economic policy, Financial Markets
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: Bulgaria; eurozone membership; European Union; banking union membership; adopting the Euro;
Summary/Abstract: Bulgaria has declared its intent to join the eurozone. On 22 August, the Bulgarian government approved a plan of preparations for ERM II and banking union membership. However, eurozone countries and institutions are cautious about Bulgaria’s ability to adopt the euro in the near term. Although in July they accepted Bulgaria’s application to ERM II, they did so on the condition the country also join the banking union simultaneously. The accession of Bulgaria to the eurozone should not be expected soon but its participation in both mechanisms will strengthen its position in the discussion of post-Brexit EU reform.

• Details
• Contents