Financial crisis makes ECB more cautious on Eurozone’s expansion

Photo: ecb.europa.eu

Bulgaria has met all the criteria to enter the ‘waiting room’ of the Eurozone, but we shouldn’t have unrealistic expectations, said Chair of the Association of Banks in Bulgaria Petar Andronov for the BNR. He added that the Bulgarian banking system was in a good condition and had used the last few years of growth, in order to increase and secure its capital. In his words not everyone from the Eurozone member-states had a stable bank system when they adopted the common European currency. However, today and after the bitter lesson of the financial crisis the European Central Bank is much more cautious in regard to the zone’s expansion. Andronov foresaw that upon Bulgaria’s entering of the Eurozone the BGN savings of the citizens wouldn’t be lost, since the fixed exchange rate would be kept. He also excluded any possibility for shocking jump of prices as inflation wouldn’t be serious.

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