Bulgaria Shifts on Euro Accession Plans After ECB Pressure

Bowing to pressure from the European Central Bank and the European Union, Bulgaria will seek to join the bloc’s banking union and the precursor for euro-area membership simultaneously within the next year, its finance minister said. The government in the EU’s poorest member appeared to yield to recommendations from the European Central Bank and the European Commission, which have said Sofia needs to improve governance, the economy and banks, Bloomberg News reported. Finance Minister Vladislav Goranov had insisted earlier this month on joining the bank union only after accession to ERM-2. “We’ll insist for both to happen on the same day,” he told a conference in Sofia on Tuesday. Bulgarian officials will visit the ECB “in the next few days” to “intensively” discuss accession procedures and time lines for both institutions, he said. Read more.