Bulgaria to Request to Join EU Banking Union on Wednesday

Bulgaria to Request to Join EU Banking Union on Wednesday

Bulgaria will send a request for close cooperation with the European Central Bank (ECB) on banking supervision by the end of the day as part of the country's roadmap for adoption of the euro, finance minister Vladislav Goranov said on Wednesday. Following the request, the ECB will study to what extent Bulgaria's legislation needs to be adapted in order for ECB's decisions to be legal and applicable in regard to those Bulgarian banks which the ECB chooses to directly supervise, Goranov said in a statement. Earlier on Wednesday, the government said it mandated the finance minister to apply for the country's participation in the Single Supervisory Mechanism, one of the two pillars of the EU banking union, through requesting close cooperation with the ECB. The close cooperation will be established by a decision of the ECB, provided that the conditions laid down in Article 7 of Regulation (EU) No 1024/2013 are met, the government said.

Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.