The Eurogroup Discuss the Bulgarian Candidature for Eurozone Membership
The Bulgarian candidature for eurozone membership will be discussed at a meeting of Eurogroup finance ministers. The point has entered the last minute on the agenda. It is envisaged that ministers will discuss Bulgaria's progress in relation to its desire to join the ERM II. The currency mechanism, which is referred to as the waiting room, or the eurozone training room, is the first step towards the adoption of the euro.
The Bulgarian authorities have set themselves the goal of simultaneously entering into close cooperation with the European Central Bank (the way non-eurozone countries enter the Banking Union) and the currency mechanism in July 2019. Before that the country had to make a number of legislative changes and the ECB started to check up six Bulgarian banks. Now, however, the target "Bulgaria's entry into ERM II" is shifting to the autumn.
The Eurogroup finance ministers will also discuss the third monitoring report on Greece. It is not related to the decision on possible measures to curb the Greek foreign debt. The objective of improved monitoring is to assess the economic, fiscal and financial situation as well as the fulfilment of the obligations under the Greek economic recovery program.
Ministers will be informed by the EC about the latest decisions in the budget dispute with Italy. The process of nominating the next President of the ECB in the face of Christine Lagarde will also be discussed.