Bulgarian Prime Minister Boyko Borisov says his country plans to speed up its efforts to join the eurozone and apply for membership by the end of April to help the Balkan country recover from the coronavirus pandemic.
The April 10 announcement comes less than two months after Borisov said he would wait until July to submit Bulgaria's application to join the eurozone's obligatory two-year "waiting room," the ERM-2 mechanism, due to a lack of consensus in the country.
The coronavirus crisis "has shown us that those who are in the eurozone and in its 'waiting room' will have billions of euros for recovery. Those who are not will have to take on debt at high interest rates," Borisov told reporters.
His comments come after eurogroup finance ministers on April 9 agreed on a coronavirus stimulus package that countries not using the common currency won't have access to.
Borisov said he had already discussed the matter with European Central Bank (ECB) chief Christine Lagarde and the European Commission.
Membership in the ERM-2 should allow Sofia access to ECB financing, he said.
Bulgaria, one of the European Union’s poorest countries, maintains tight fiscal discipline and low debt.
However, the government expects that the impact of the coronavirus on global economies will shrink Bulgaria's growth by 3 percent this year and also increase its budget deficit by 3 percent.
"It will be important for the European Union that disciplined countries can then recover faster using the enormous resources of the European Central Bank," he said. "I want to guarantee that period."
Sofia has met most of the requirements for entry into the eurozone except for for the successful recapitalization of two locally owned banks.
Related
Editors' Picks
Top Trending
1
Harris Or Trump: What Will It Mean For Ukraine?
2Exclusive: Early Peace Plan Shows Russia's Intent To Neutralize Ukraine
3Israel's Attack On Iran Has Left Tehran Offensively And Defensively Weaker
414 Dead In Roof Collapse At Railway Station In Serbia's Novi Sad
5Russia Shows Off Purported U.S. National Snatched From Ukraine Spy Work
6Ukraine Live Briefing: Russia Targets Zaporizhzhya
7Pro-Western Sandu Wins Second Term As Moldovan President
8Pentagon Announces New Deployments To Middle East In Warning To Iran
9Amnesty Calls For Release Of Iranian Woman Who Removed Clothes In Protest
10U.S. Warns Iran It Can't 'Hold Israel Back' If New Attack Launched, Axios Reports
RFE/RL has been declared an "undesirable organization" by the Russian government.
If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.
To find out more, click here.