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The Eurogroup and the European Central Bank (ECB) have set a number of conditions, including policies, for the accession of Bulgaria to the banking union and to the rate mechanism of changes ERM II, the so-called waiting room of the euro zone – The Bulgarian press reports Saturday.
At the end of June, the Bulgarian Minister of Finance and the Head of the Central Bank informed the ECB in writing that Bulgaria was ready to fulfill a number of conditions to enter the ERM II mechanism, stressing that it had met the economic criteria for years. "Bulgaria is the first country to strive to fulfill certain conditions before entering ERM II," writes the daily Sega.
Sofia declares its willingness to strengthen the supervision of the banking and non-banking sectors (pension funds and insurance companies) to remove existing loopholes in insolvency proceedings, to improve legislation in the field of prevention of money laundering in line with recent European directives and improve the management of public enterprises.
The Eurogroup, however, added to Bulgaria additional conditions which made perceive skepticism the prospect of the country's rapid entry into the so-called
Thursday in the letter to the Bulgarian authorities, convened and commented on Saturday by the dailies "Sega" and "Dnewnik", the Eurogroup calls on Sofia to implement the reforms of the judicial system referred to in the Cooperation and Verification Mechanism (CVM), introduced with the l. accession of Bulgaria and Romania to the EU in 2007 "To strengthen the fight against corruption and organized crime because of their importance for the stability of the financial system", the Eurogroup ministers wrote to the Bulgarian authorities.
Bulgaria is considered the most corrupt country in the European Union. According to the latest ranking of Transparency International, the country is the 71st, the last of the EU, among the 180 countries in the world in terms of corruption. Negative assessments of the level of corruption and competitiveness in Bulgaria are also shared by the World Bank, the US non-governmental human rights organization Freedom House or the British think tank Economist Intelligence Unit .
The Bulgarian government is counting on the entry of ERM II for the year. In the meantime, the European Central Bank will examine the assets and conduct an additional stress test of Bulgarian financial institutions, which will assess the effectiveness of national banking supervision since 1969. According to many analysts, the position of The Eurogroup and the ECB is a lack of confidence in Bulgaria. "We received a waiting room for waiting rooms" – said former Justice Minister Christo Ivanov, a spokesman for the government and a supporter of reforms in the judicial system . According to him, this lack of confidence is similar when it is necessary to enter Bulgaria in the Schengen area, which the country has been waiting for ineffectively for 11 years
Ewgenia Manołowa ( PAP)
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