EU finance ministers back Bulgaria’s Eurozone waiting room entry

Eurozone finance ministers gave their support last week for Bulgaria joining the European Exchange Rate Mechanism (ERM2), also known as the Eurozone waiting room, bne IntelliNews reports. Bulgaria has already met all the formal criteria to join the Eurozone waiting room, but there are concerns about the Bulgarian economy and locally-owned banks. Sofia is in need of a positive assessment from the European Central Bank, which will soon carry out an assessment of Bulgaria’s bid to join the waiting room. In attempt to improve its bid, Sofia is pledging to strengthen its banking sector and is now seeking to join Europe’s banking union simultaneously with the Eurozone waiting room.

 

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