Statement on Bulgaria’s path towards ERM II participation

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Publication Date July 2018
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In the margins of a Eurogroup meeting on 12 July 2018, Eurozone member state representatives, the European Central Bank (ECB) and Denmark met in the presence of the European Commission and of Bulgaria to discuss the prospects of Bulgaria's participation in the European Exchange Rate Mechanism (ERM II).

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The different stakeholders welcomed the intention of the Bulgarian authorities to put in place the necessary elements for a successful entry into ERM II. In this context, the country took a number of commitments in policy areas which are of high relevance for a smooth transition to, and participation in, ERM II. The ECB and the Commission were set to monitor the effective implementation of those commitments; once a positive assessment was provided, a decision would be taken by the ERM II parties on the formal application of the Bulgaria authorities.

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Commentary and Analysis
ING: Snaps, 13.07.18: Bulgaria: A new blueprint for EUR adoption

EurActiv, 13.07.18: Bulgaria edges closer to joining euro
Reuters, 12.07.18: EU backs Bulgaria's first step towards joining euro
Balkan Insight, 12.07.18: Bulgaria Meets Resistance Over its Eurozone Plans

European Commission: Vice-President Valdis Dombrovskis' remarks at the press conference on Bulgaria's path towards ERM II and Banking Union participation
Letter by Bulgaria on ERM II participation

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