Romania, ahead Bulgaria on road to eurozone accession, expert says

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Romanian central bank’s focus on financial education in the time of crisis, preparing the country for adoption of the euro,  professor Tatyana Hubenova from the Bulgarian Academy of Sciences (BAN) considers, daily Sega reports, quoted by novinite.com.

In her words, Romania was already undergoing stages of greater harmonisation with the requirements for accession to the European Banking Union. Hubenova added that Romania was also performing well in terms of monetary stability and financial literacy. All these place Romania ahead Bulgaria on road to eurozone accession.

According to 2015-2018 Convergence Programme recently sent to European Commission (EC), Romania set out the goal to accede to the eurozone in 2019.

According to the Bulgarian expert, the accession to the Eurozone will guarantee better banking supervision and financial stability.

The neighboring country government already expressed a wish for the country to enter the “waiting room” of the Eurozone. Several years ago, Bulgaria was fulfilling the technical criteria for accession to the Eurozone – government budget deficit below 3 percent, inflation below 2 percent and government debt-to-GDP ratio below 60 percent. As regards the technical criteria, Bulgaria is currently not fulfilling the government budget deficit criterion, which exceeds 3 percent.

However the EU has additional requirements for Bulgaria, including the financial education.

 

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