Bulgaria could restart euro adoption process in early 2011 - FinMin.

By bne IntelliNews June 14, 2010
Finance minister Simeon Dyankov said that early 2011 would be a good time to consider restarting the process of joining the eurozone by applying to enter the ERM II mechanism. It is actually not helpful for Bulgaria to apply for ERM now given the questions around the euro, Dyankov told Bloomberg in an interview. Sometime in early 2011 it will be a good time to revisit this question, including restarting the process, but we would like the markets to calm down on the euro, he noted. According to the minister, right now, it is not as important for Bulgaria to be in the euro zone. We just have to wait for the questions around the euro to stabilize, and they will, the official concluded. In April, the Bulgarian government renounced its plans to apply for entering the ERM II mechanism this year as the country did not meet the Maastricht criteria. The application was to be filed by the end of the Spanish presidency, which expires at end-June 2010, amid intentions to adopt the euro by 2013.

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