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Bulgaria is hoping to spend no more than two years in the ERM II mechanism that precedes the Eurozone, said Deputy-Minister of Finance Marinela Petrova at a conference in Riga, reported the Bulgarian National Radio.
This is the minimum amount of time a country applying for the Monetary Union is expected to spend in the “waiting room”, so as to prepare its economy and financial system for the new currency. The biggest challenge Bulgaria has to cope with is the lack of trust in the countries of southern Europe, Deputy-Minister Petrova added.
Bulgaria is expecting to receive an answer in summer whether it will be able to join ERM II. In Deputy-Minister Petrova’s words, Brussels is giving “encouraging” signals.
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