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Bulgaria could join Eurozone "waiting room" by June 2020

Photo: EPA/BGNES

Bulgaria could join the ERM II exchange rate mechanism in the first or second quarter of 2020. This was stated by the head of the European Banking Restructuring Council, Elke König. After Bulgaria’s accession to the so-called Eurozone waiting room, Bulgarian banks would start contributing to the European Restructuring Fund, which is part of the council, led by König, as it would have to approve the restructuring plans of Bulgarian banks. This procedure is mandatory and provides a buffer in the event of negative developments.



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