Bulgaria’s euro hopes dealt blow by the ECB

The European Central Bank stated in its biennial report that problems linger in Bulgaria relating to the independence of the country’s central bank, inflation and the lack of structural reforms, the Financial Times reports. Sofia aims to join the ERM, a two-year waiting club for euro adoption by the end of the year, but Bulgaria’s euro aspirations appear to have been dealt a blow by the ECB. Eurozone members like Germany and the Netherlands are siding with the ECB in opposing expansion of the currency union to poorer EU member states, while on the other hand, the European Commission led by President Juncker is advocating for eurozone enlargement and backing Sofia’s application. Bulgaria is still considered the most likely country to next join the eurozone.

 

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