Bulgaria’s government is to consider a proposal for the creation of a special council tasked with preparing Bulgaria for eurozone accession at a regular meeting on July 1.

The project was drafted and submitted to the government by Finance Minister Vladislav Goranov, according to a media statement of the government, as cited by econ.bg.

In January 2015 during a visit to Vilnus Goranov explained that the Bulgarian government had started talks with the governments of all 19 eurozone countries on the topic of switching from BGN to EUR.

“Political consensus has been reached that we need to switch to the euro as fast as possible,” he explained.

Bulgaria’s Finance Minister did not specify concrete dates for entry into the ERM II and the subsequent adoption of the euro as the official currency.

“It is absolutely possible to at least join the mechanism by 2018, when the term in office of the current government expires,” he said.

The exchange rate mechanism II (ERM II) is a regime of fixed exchange rates in which all EU countries wishing to adopt the euro as their currency must participate.

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