Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

INTERVIEW-Bulgaria to apply for ERM-2 in Nov, keep euro peg

Published 07/08/2009, 06:44 AM
Updated 07/08/2009, 06:48 AM

SOFIA, July 8 (Reuters) - Bulgaria will apply to join the pre-euro ERM-2 waiting room in November and keep its currency peg to the euro until joining the eurozone, the prospective finance minister in the next government said on Wednesday.

Simeon Djankov, a World Bank economist, said devaluing the lev peg to the euro in response to the global crisis was out of the question. The next government will implement other measures to fight recession and maintain fiscal stability, he said.

"Definitely, with 100 percent certainty, Bulgaria will maintain the currency peg until joining the eurozone," Djankov told Reuters in an interview.

"The next government will launch more active lobbying, and what is more important it will submit an application for ERM-2 entry," he said. "In November, it is realistic to submit the application."

Djankov is tipped to become finance minister in the government of the centre-right GERB party that won a July 5 parliamentary election. (Reporting by Anna Mudeva; Editing by Ron Askew)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.