Bulgaria’s Euro Hopes Dealt Blow by the ECB

Bulgaria’s hopes of becoming the next member of the eurozone have been dealt a blow by the European Central Bank which has warned the EU’s poorest country has made minimal progress in joining the euro club, the Financial Times reported. In its latest biennial “convergence report” assessing non-euro economies, the ECB raised concerns over Bulgaria’s central bank independence, inflation dynamics and urged for “wide-ranging structural reforms”. Bulgaria has been considered the most likely 20th member of the single currency area. The government has said it wants to join the European Exchange Rate Mechanism (ERM), a two-year waiting club required for euro adoption, by the end of the year. Read more. (Subscription required.)