Bulgaria Says Awaiting Nod to Simultaneously Join ERM, Banking Union

Bulgaria Says Awaiting Nod to Simultaneously Join ERM, Banking Union

Bulgaria's finance minister on Thursday called on the eurozone member states to back the country's plans to join simultaneously the single currency area and the banking union."We have declared our intentions and our position and we expect our partners in the eurozone to declare firmly and share our opinion that Bulgaria should join simultaneously the banking union and the ERM," Vladislav Goranov said during a session of the European parliament's committee on economic and monetary affairs.Depending on the speed of the process, preparation to join the banking union may take between six and twelve months, and Bulgaria is ready to take this course with the clear understanding that eurozone membership is a priority for the country, Goranov also said."If we follow the letter of the law, there is no requirement for us to join the banking union before we join the eurozone," Goranov noted.On June 1, Goranov confirmed Bulgaria's intention to apply, by the end of the month, to enter the Exchange Rate Mechanism (ERM II), the system set up by the EU to prepare non-euro member states for joining the eurozone.

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