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Bulgaria to Postpone Joining the Eurozone

Date: 26.07.2011

Bulgaria will postpone the negotiations for joining the Euro zone until it becomes clear how will be solved the gearing and the shaking of the economies of the EU member states, Bulgaria’s Finance Minister Simeon Djankov stated. In his words, it is important to see how the Eurozone will stabilize Greece and if taxes within the EU will be harmonized. “This is the reason why we would not start negotiations for joining ERM2 before this autumn.

"As a whole, our intentions have changed but the concrete date for the introduction of the Euro has shifted to 2015," Finmin Djankov explained.

Minister Djankov underlined that the French-German idea for harmonization of the tax rates in the Eurozone is another problem which Bulgaria may face bearing in mind that the country now enjoys the lowest taxes in the EU. "Such a decision has no sense from an economic point of view," Mr. Djankov was explicit.

Minister Djankov did not miss to praise the fiscal discipline as regards the budged deficit in Bulgaria and the Stability Pact which was supported in Bulgarian Parliament.


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