EU Rules Out Faster Eurozone Expansion

Politics » BULGARIA IN EU | March 2, 2009, Monday // 00:00
EU Rules Out Faster Euro Area Expansion: EU Rules Out Faster Eurozone Expansion The President of the European Commission, Jose Manuel Barroso, (front left) and Bulgaria's Prime Minister Sergey Stanishev (back right) at the emergency summit of the European Union leaders in Brussels . Photo by BGNES

The European Union (EU) rules out the possibility of a faster expansion of the Eurozone, the President of the European Commission, Jose Manuel Barroso had confirmed, Darik radio reported citing information from the Russian ITAR-TASS.

Bulgaria's Prime Minister (PM) Sergey Stanishev announced Sunday he had asked the leaders of other Eastern European nations for support for Bulgaria's accession to the European Exchange Rate Mechanism II (ERM II), which would speed up the country's adoption of the euro.

Stanishev attended the emergency summit of the European Union leaders in Brussels seeking to bridge differences on how to deal with the global economic crisis.

Hungary, which is the country the most negatively affected by the global financial crisis in Central and Eastern Europe, and Poland also have asked for a speedy procedure to adopt the euro.

"I think that the criteria to enter the Eurozone should not be changed quickly and without serious consideration," the Luxemburg PM and President of the Euro Area, Jean-Claude Juncker, stated upon arrival in Brussels.

The EC President Barroso also pointed out, at the meeting's conclusion, that it was crucial that the strong criteria regarding Eurozone accession should be strictly followed.

"In time, all EU countries are going to join the Eurozone, except those that are not interested in using the euro," Barroso is quoted as saying.

Barroso, reportedly, has been supported by some key EU members such as the Dutch PM, Jan Peter Balkenende and the German Chancellor Angela Merkel.

The French President Nicolas Sarkozy, however, stated that the debate was open for discussions, adding that he excluded revising the criteria at the moment, but such revision would be possible after the cirsis' end.

The current members of the ERM II are Denmark, Estonia, Latvia, and Lithuania. The Bulgarian government has considered applying to join in 2008 but it still has not filed an official application.

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