Bulgarian Central Bank Governor Opposes EU Banking Union

The Governor of the Bulgarian Central Bank, BNB, Ivan Iskrov, says many tend to believe foreign experts, however, they often do not work in the interest of the country. Photo by BGNES.

Bulgaria's accession to a future banking union and a common tax policy for all EU Member States would not be of the interest of the country.

The statement was made Monday by the Governor of the Bulgarian Central Bank, BNB, Ivan Iskrov.

Iskrov spoke during his address for the official opening of the school year at the University for National and World Economy, UNSS, in Sofia.

"Our national interests do not always coincide with those of other countries and we must always seek the Bulgarian view point," said he.

He stressed BNB supports in principle a deepening integration in the Eurozone as the only stabilization way, but joining the planned banking union would mean transferring significant national sovereignty to Brussels without much benefit.

"Know and keep Bulgarian traditions, have self-confidence over the achievements of your country, never stop being patriots," Iskrov, a UNSS graduate, told the college students, adding this was the way followed by the Central Bank.

The Governor pointed out many tend to believe foreign experts, however, they often do not work in the interest of the country, the news site vesti.bg reports.

European Commission President Jose Manuel Barroso has strongly supported the implementation of an EU banking union in his annual State of the Union address, delivered last Wednesday.

Bulgarian Minister of Finance Simeon Djankov announced over the weekend that the country approves of proposals to create an EU monitoring body for the Union's banking sector.

As early as June 2012, Iskrov attacked proposals for an EU banking union, saying that the extension of banking supervision across the bloc is a premature step.

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