Bulgaria may join the Eurozone waiting room by June 2020

Bulgaria may join the ERM II exchange rate mechanism in the first or second quarter of 2020, the head of the European Banking Restructuring Council, Elke König, said. The leading institution in the process is the European Central Bank. Its response is expected in mid-summer or early autumnl, BNR reports on October 11.

Elke König is the first high-ranking European representative to set new deadlines.

This means that the 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 the Bulgarian banks. This procedure is mandatory and considered a buffer in the event of negative developments.