The European Central Bank (ECB) governor Jean-Claude Trichet, who is on a visit in Sofia, has taken a stance against the immediate introduction of the euro, saying it is crucial that requirements are met first.

Trichet, who paid a visit to Bulgaria on the occasion of the 130th anniversary since the establishment of the country's Central Bank, commented in the wake of recent International Monetary Fund calls on central and eastern European countries to consider scrapping their currencies in favour of the euro even without formally joining the eurozone.

In a confidential IMF report, which leaked in May, the fund said the eurozone could relax its entry rules so countries could join as quasi-members, without European Central Bank board seats.

"No exceptions should be made in acceding new countries to the eurozone before they have met the set requirements," Jean-Claude Trichet said in Sofia.

According to him this position is shared by all EU member states governments, including that of Central and Eastern European countries.

Trichet pointed out that the European Central Bank fully trusts the national supervisory bodies in the EU banking sector and advised them to be very careful and cautious.

"Europe's economy should be able to rely on the banks," he said, adding that ECB response to the crisis has been quick, flexible and decisive since the very beginning of the crisis.

In his words it was thanks to the unpopular measures taken by the bank and the key role of the IMF that Europe managed to maintain its economic stability.

Bulgaria's entry in the eurozone, initially scheduled for 2010, has been set back for some time around 2012. Experts say it is conditional on continued fiscal prudence and lower inflation.

In fact, Bulgaria has yet to join the Exchange Rate Mechanism, the "waiting room" for euro membership, amid concerns about its inflation rates and external trade imbalances. Stricter application of membership criteria has also been a factor in the delay.

European Central Bank President Jean-Claude Trichet was awarded Friday the title of Honorary Doctor of the University of National and World Economy.

The title was conferred in recognition of Tichet's significant contribution to the building of united Europe, the single currency, the European Central Bank and also in the accession of the National Bank of Bulgaria (BNB, the central bank) to the European system of central banks.

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