May 25, 2018 / 11:32 AM / 3 months ago

Bulgaria's entry into euro zone's ERM-2 should not be blocked: central banker

SOFIA, May 25 (Reuters) - Bulgaria’s drive to join ERM-2, the two-year obligatory precursor to adopting the euro, should not be blocked but rather welcomed, given the Balkan country’s strong macroeconomic performance, its central bank governor said.

Dimitar Radev said he believed that the actual timing of the euro adoption will depend more on the real convergence of the economy, pointing that ERM-2 membership can foster the necessary reforms.

“It is logical to expect that a country with such a record should not be blocked, but rather welcomed to start its journey towards joining the euro area through the participation of the lev, the national currency, in the exchange rate mechanism II,” he wrote. (Reporting by Tsvetelia Tsolova, editing by Larry King)

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