Bulgaria’s Aspirations for Eurozone Membership
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.
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