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Finance Minister Vladislav Goranov (in the middle) announced Thursday the Committee on Economic and Financial Affairs
5 + 1 prerequisites must fill Bulgaria to be accepted simultaneously in the waiting room of the MCE-2 and in the Banking Union
We have a mandate one year to implement them in order not to extend it
We are the first country, Brussels will implement a new mechanism that the financiers have defined as "the delivery of commitments". This means that
the road map
is a fixed date
to meet the pre-promises. Meanwhile, the ECB and the EC will monitor their implementation
Experts argue that a working group of the Ministry of Finance, the NBB, the ECB, the FSC and European experts will set deadlines specific for each commitment
our country will enter the waiting room and banking union at the same time. The most likely and most likely date for this is August 2019. However, this delay can be extended
It became clear Thursday night after a meeting of more than five hours of the 19 Eurogroup Finance Ministers . 19659005] It deals with Bulgaria's letter of intent, signed by Finance Minister Vladislav Goranov and NBB Governor Dimitar Radev, and sent on 29 June. At 9:40 pm Bulgarian time, the NBB and the Ministry of Finance announced that there was a decision,
in our favor
and was taken
unanimously
The President of the Eurogroup Mario Seteno called these commitments
What we really promised in Brussels and the ECB
First, the strengthening of the supervision of banks and non-banking financial institutions by Eurostandards. This means that new stress tests
will be carried out for banks,
insurers and pension funds, but already under the direct supervision of the ECB. He will have the right to exercise direct control over the three largest banks of our country, but he will also be able to control the smaller ones he deems necessary.
Our country is also committed to develop an evaluation system [19659005] The financial system 19659005
of 19659005 must fully comply with the rules and standards of the euro area to be part of it
The next promise is that the Bulgarian Parliament ratifies as soon as possible the intergovernmental rules. agreement on the single restructuring mechanism. It is designed to help troubled banks. This mechanism is the Bank's Assistance Fund, in which all Member States of the Banking Union participate. Currently 400 million BGN are paid into the Bulgarian fund
. The third promise concerns rapid changes in the law on business bankruptcies. Bulgarian institutions will collect, process and systematize information on insolvency and restructuring plans
Parliament and the judiciary must provide for conditions to accelerate
cases of insolvency
– A new law will be put in place to regulate the bankruptcy of companies and individuals, experts say.
The rapid changes in the legislation appear under number 4 of the list to implement all the European provisions on disclosure and the press. dvane money laundering.
By its fifth promise, Bulgaria has undertaken to amend the regulation on the management of public enterprises. According to experts, Brussels is worried about debt and inefficient public companies, and we have decided that we can take swift action in this direction.
The last promise is a direct consequence of our request to join ERM-2.
The monitoring of corruption remains within the framework of the Schengen Mechanism
"We expect the Bulgarian authorities to fully implement the reforms followed by the European Commission in the framework of the Mecha Cooperation and Verification in the field of judicial reform and the fight against corruption and organized crime in Bulgaria, given their importance for the stability and integrity of the financial system. "
This is stated in the Euro Statement -Institutions. At the press conference, following the announcement of the decision, requested by the Financial Times, the Deputy Foreign Minister of the EC, Valdis Dombrovskis, declared that the cessation of cooperation was a precondition to membership. a check on Bulgaria's fight against corruption and organized crime is not a prerequisite for entering the banking union and ERM-2, although the reform will be monitored shortly
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