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.

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