Bulgaria will take the first steps towards joining the euro before the summer, its finance minister said on Thursday (11 January).
Vladislav Goranov told a group of journalists in Sofia that Bulgaria will “most likely apply in the first semester” to the EU Exchange Rate Mechanism (ERM II), the mandatory phase before effectively adopting the EU single currency.
Goranov said Bulgaria had been “holding intensive discussions” with the European Central Bank (ECB) and eurozone member states about the move and that it was “ready”.
The Bulgarian government will wait for a “signal” from the ECB and other EU actors that its application would have some chances to be accepted.
But Goranov added that the government would apply even if that sign doesn’t come.
“We need a certain direction on what we need to do to join this [euro] club,” he said.
“We don’t think there are any sufficent arguments for us to stay out,” the minister insisted, adding that his country fulfils the criteria to join the euro.
