FinMin: Bulgaria Realises Its Unpreparedness for Euro

Finance | January 31, 2015, Saturday // 11:58|  views

Bulgaria's Finance Minister Vladislav Goranov. Photo: BGNES

Finance Minister Vladislav Goranov said that although Bulgaria wants to accede to the Eurozone immediately, it realises that it is not fully prepared to introduce the common European currency yet.

Goranov added in an interview for Darik radio on Saturday that this will happen when the other members of the Eurozone agree on Bulgaria to do so.

The Finance Minister had requested from the Eurozone members to state what measures they expect from Bulgaria to take in this direction in the medium term.

Goranov explained that he had mentioned 2018 as a possible date for completing the first step – accession to the European Exchange Rate Mechanism II (ERM II).

According to him, the accession of Bulgaria to the Schengen Area and the Eurozone will present a challenge.

This would necessitate measures for improving Bulgaria's competitiveness – labour productivity and economic growth.

At the same time, the country had taken few measures in tackling corruption and little progress was being made.

Goranov assured that arguments pointing to the possible rise of prices in Bulgaria after the adoption of the Euro were unfounded.

The Finance Minister explained the expected budget surplus for the month of January with the improved revenue collection.

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Tags: Bulgaria, finance, Vladislav Goranov, euro, Eurozone, ERM II, Schengen, accession, introduction, Competitiveness, labour productivity, economic growth


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