Should Bulgaria be allowed to join the eurozone and the EU’s banking union? That is the question that has been under consideration by European policymakers this summer.
In theory, of course, Bulgaria not only has a right to join both but is legally obliged to do so, under the conditions of its accession to the bloc.
In practice, the response of EU leaders to Bulgaria’s request to enter the Exchange Rate Mechanism – the precursor to euro adoption – has been lukewarm.
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