Joining Euro to Have Positive Impact on Bulgaria's Economy - Experts

Joining Euro to Have Positive Impact on Bulgaria's Economy - Experts

Economists and financial experts in Bulgaria have described the country's decision to renew Eurozone negotiations as rather a step in the right direction.
This follows last week's announcement of Finance Minister Vladislav Goranov that Bulgaria is eyeing a restart of euro talks, with a prospect to join the Eurozone's "waiting room", or the Exchange Rate Mechanism II, by 2018. Sofia had abandoned its plans in 2012, under Finance Minister Simeon Djankov, who took the office in the previous government of PM Boyko Borisov.
Gancho Ganev, an economist, is confident Bulgaria's move could bring about benefits on the macro-economic side and help the country emerge from its ongoing stagnation.
Countries have to spend at least two years in the ERM II, a mechanism limiting currency fluctuations, before adopting the single currency.
Ganev proposed that Bulgaria simultaneously hold negotiations on joining both the euro and the banking union. 
Kolyo Paramov, a financial expert, believes the euro should "mandatorily be adopted at the end of 2017 or at the beginning of 2018," as this would "trigger a number of economic effects we have to secure."
 
 
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