Bulgaria's Place Unquestionably inside Eurozone - FinMin

November 20, 2012, Tuesday // 02:45
Bulgaria: Bulgaria's Place Unquestionably inside Eurozone - FinMin
Bulgaria has frozen its application to be part of the euro, but Minister Simeon Djankov told The Times it was conceivable that it could join within five years if the currency area made further progress. Photo by EPA/BGNES

Bulgaria's place is unquestionably inside the single currency and it could potentially join the eurozone within five years, the finance minister has said.

Bulgaria has frozen its application to be part of the euro, but Minister Simeon Djankov told The Times it was conceivable that it could join within five years if the currency area made further progress.

Europe's proposed Banking Union is the main topic of the interview and Bulgaria's Deputy Prime Minister argues all members must be granted equal voting status to avoid creating distortions in the financial sector.

According to Minister Djankov the voices of non-euro members such as Bulgaria needed to be properly represented within the mooted single bank supervisor to be located at the European Central Bank.

A natural consequence would be that non-euro members of the Banking Union should also gain access to the region's bailout fund during banking crises, he said.

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