site.btaMario Draghi Says ECB Views Positively Bulgaria's Aspiration for ERM II Entry

Brussels, March 13 (BTA) - The European Central Bank (ECB) views positively Bulgaria's aspiration to join the Exchange Rate Mechanism (ERM II), the euro zone waiting room. This transpired from remarks by ECB President Mario Draghi as he met Monday with Party of European Socialists (PES) President Sergei Stanishev, said Stanishev's press office. Emerging from the meeting, Stanishev urged Bulgaria to rally round a national plan for entry in the euro zone.

The PES President and former Bulgarian Prime Minister met with the ECB President to lay out PES's priorities for economic convergence, quality jobs and wages, and the need for strong investment across Europe.

More on Bulgaria, Stanishev said after the meeting that Bulgaria meets the euro zone entry standards and has a wish to commence the accession process, starting from entry in the ERM II. "In 2007 we had the support of all EU member states, the European Commission and the ECB. But due to inflation and the built-up of current account deficit caused by large foreign investment, the decision for entry was postponed. Now the situation is different. Bulgaria is ready and recent remarks by European Commission President Jean-Claude Juncker energized the process. It is time for the government to get more actively involved in the dialogue between the ECB and the Bulgarian central bank, and for the entire country to rally round a national plan for accession to the euro zone," said Stanishev.

The ECB President said that the situation is indeed different. Bulgaria would practically join a constructed banking union and this is why the ECB wants to be absolutely sure that this country is ready and has a stable banking system, said Draghi as quoted by Stanishev's press office.