Bulgaria’s Prime Minister Boyko Borissov announced on June 28 that his country will most likely apply to join the euro zone on July 14.
As one of EU’s poorest member states, Bulgaria is concerned that missing the momentum for deeper integration would leave it on the periphery as EU countries discuss a multi-speed Europe, reported the Reuters news agency.
Speaking to reporters in Brussels, Borissov said he would present Bulgaria’s bid to join the ERM-2 (the two-year obligatory waiting room for euro zone membership) to the leaders of the Eurogroup on June 29.
He said the finance minister would discuss the details of the bid with his counterparts in the Eurogroup two weeks later, on July 14. When asked if the Balkan country will file an application then, Borissov said: “Most probably yes.”
“I am invited to a meeting of the leaders of the Eurogroup where I will present our letters and our candidacy to join the euro zone’s waiting room, because we meet all the five criteria,” he said on the sidelines of the European Union summit.
“And tomorrow I will ask why it is necessary to change the criteria,” Borissov said in a reference to a recommendation from the European Commission and the European Central Bank that it enters the bloc’s banking union before the ERM-2 mechanism.