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Djankov also explained that Bulgaria plans to apply for ERM2 (a two-year currency stability test for euro hopefuls) by the end of 2009.
Bulgaria is going to replace its currency, the lev (BGN), with the the euro (EUR), in 2012 or 2013, according to the new Finance Minister of the country, Simeon Djankov.
Djankov stated this Monday in an interview for the 24 Chasa daily.
"We have a chance in the last year of the mandate to introduce the euro. Bulgaria will meet all criteria for the implementation of euro by the end of 2009. However, if the budget deficit exceeds 3% it will put off our Eurozone entry by two more years", Djankov said.
Djankov also explained that Bulgaria plans to apply for ERM2 (a two-year currency stability test for euro hopefuls) by the end of 2009.
Bulgaria had initially planned to join the euro club in 2010, but was not able to meet inflation and budget deficit criteria.
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