ECB Calls for Revisions to Bulgarian Euro Adoption Law: Compliance Concerns Surface

The European Central Bank (ECB) has weighed in on Bulgaria's draft Law on the adoption of the euro, signaling the need for revisions to ensure alignment with European regulations. In an opinion published on the Bulgarian Ministry of Finance's website, the ECB underscores the importance of achieving full compliance with EU directives, particularly in the realm of monetary policy.

Notably, the ECB highlights potential conflicts between certain provisions of the draft law and the EU's exclusive authority over monetary policy in member states that have adopted the euro. The recommendation also emphasizes the importance of judiciously incorporating references to specific European regulations to provide broader contextual clarity.

Of particular concern to the ECB are instances where Bulgarian legislation deviates from EU law without due justification, warranting corrective action to rectify discrepancies. While characterizing its remarks as "specific and technical," the ECB lauds the overarching objective of the draft law to facilitate a seamless transition to the euro in Bulgaria and underscores the importance of timely implementation of requisite measures.

In response to the ECB's input, the Bulgarian Ministry of Finance acknowledges the need for refinement in certain areas while reaffirming its commitment to facilitating a smooth transition to the euro. Notably, the draft law's provisions regarding the exchange of banknotes and coins from the lev to the euro by the Bulgarian National Bank (BNB) draw praise from the ECB for their inclusivity and accessibility, offering unlimited exchanges free of charge and without temporal constraints.

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