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Bulgarian FinMin Simeon Djankov at an opening of an art exhibition in Sofia Tuesday. Photo by BGNES
Bulgaria approves of proposals to create an EU monitoring body for the Union's banking sector, stated Bulgarian Minister of Finance Simeon Djankov Saturday.
"Bulgaria supports this idea as a necessary step in the development of the Union's financial market," said Djankov, who is taking part at an Ecofin meeting in Cyprus.
He added that the EU banking union should cover not only eurozone countries, but also member states currently outside of the common currency, like Bulgaria.
"However, there are many details about the banking union that are still too raw or controversial at this stage," explained Djankov, saying that those would need to be ironed out.
The Bulgarian FinMin further announced that in December, his country will host a meeting of the 10 non-eurozone EU Finance Ministers to discuss the matter.
Djankov was confident that an EU banking union will not affect adversely Bulgarian banks.
"3/4 of the sector consists of large banks operating elsewhere in Europe, and they would anyway fall under the monitoring body," said he.
The Finance Minister added that Bulgaria is in a comparatively good position regarding bank stability, combined with what he termed "a very positive experience" on the part of the Bulgarian National Bank in dealing with crisis situations.
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