Bulgaria Adopts Action Plan in Preparation for Joining ERM II, Banking Union
Bulgaria's government said on Wednesday that it adopted an action plan containing measures in relation to the country's bid to join the eurozone waiting room - Exchange Rate Mechanism II (ERM II), and the banking union by July 2019.
The measures are aimed at strengthening the regulatory framework on banking supervision, improving the macroprudential framework on credit borrowers, strengthening supervision of the non-banking financial sector (pension funds and insurers) and improving the insolvency framework, the government said in a statement following its weekly meeting. New legislation on banking supervision and measures allowing the establishment of common requirements for credit borrowers is expected to be adopted by parliament by the end of 2018, the government noted. Other measures include fight against money laundering and improving the legislative framework governing the management of state-owned enterprises. The implementation of the above mentioned measures will make sure that the country sticks to its commitments, the government concluded.