Bulgaria may join the Eurozone within five years

Bulgaria has frozen its application for accession to the Eurozone but the country may join it within five years if the common currency bloc achieves further progress. “Bulgaria’s place is undoubtedly within the single currency union,” Bulgaria’s Deputy PM and Finance Minister Simeon Djankov said in an interview for The Times daily. According to him, all members of the Eurozone should enjoy equal footing in terms of voting in order to avoid distortions in the financial sector. Djankov praised the Eurozone’s steps for the establishment of a single banking supervisory authority and a fiscal pact, and stated that these have undoubtedly made both the single currency and Europe in general more stable.

However, he is of the opinion that the votes of the countries which are not within the Eurozone should be adequately represented in the controversial single bank supervisory body, which will be located at the European Central Bank. “The corollary is that these member states of the banking union should also have access to the Eurozone’s rescue fund at times of crisis,” Djankov commented.

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