Bulgaria’s government established a council to propose a date for adopting the euro after Prime Minister Boyko Borissov said the country should wait until the Greek crisis is resolved.
The council will be led by Finance Minister Vladislav Goranov and include other ministers, a deputy central bank governor and officials from the Financial Supervision Commission, the government said in an e-mailed statement on Wednesday. The goal of the council will be to prepare a national euro-adoption plan, it said.
Greece’s financial turmoil has contributed to caution among some European Union states, including Poland and the Czech Republic, toward joining the euro area, even as the currency bloc takes a large part of their exports. Borissov said on Friday that he saw no “reason to hurry with euro-area membership until all member countries achieve fiscal discipline.”
The Black Sea state has a currency-board system that limits the conduct of independent monetary policy. It may apply for the ERM-2 pre-euro exchange-rate mechanism in 2018, Finance Minister Vladislav Goranov said on Thursday. ( 1 July 2015)