The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

FX news: ERM II – Maastricht too strict for Bulgaria

Bulgaria’s plan to apply for ERM II entry this year, in doubt for some while, was officially put on hold this week.

Prime minister Boyko Borisov says the intention now is to apply in January 2011.

Borisov’s Citizens for the European Development of Bulgaria party took power in July last year on a platform of fiscal responsibility and the tackling corruption. However, the discovery of accounting irregularities under the previous regime increased its 2009 budget deficit from the previously announced figure of 1.9% to 3.7% of GDP. The Maastricht criterion for new members is that the ratio is no more than 3% (whatever existing members managed to get a way with).

Bulgaria also failed to meet the inflation criterion and is further encumbered by the spillover from Greece’s difficulties: Greek banks have nearly 30% of Bulgaria’s domestic banking market.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree