Bulgaria to simultaneously join ERM and banking union.
BANKING AND CREDIT NEWS-July 13, 2018--Bulgaria to simultaneously join ERM and banking union
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Global Banking News - 13 July 2018
After the ECB reviews Bulgaria's application, the nation will join the ERM and banking union simultaneously.
Finance ministers of the euro area member states and the European Central Bank (ECB) said that Bulgaria could simultaneously join the Exchange Rate Mechanism (ERM II) and the banking union after a positive assessment by the ECB. The assessment will however take one year.
An EU council statement said, 'Once they have provided a positive assessment, a decision will be taken by the ERM II parties on the formal application of the Bulgarian authorities for ERM II participation. The decision will be linked to the ECB decision on close cooperation, in full respect of the conditions specified in the legal framework. This would imply that Bulgaria simultaneously joins ERM II and Banking Union.'
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