Bulgaria’s ERM entry talks scotched
BRUSSELS (AP) – Bulgaria will discuss joining the EU’s exchange rate mechanism with colleagues from other EU nations in the future but not necessarily next month, a Bulgarian official said yesterday. Dow Jones Newswires had reported earlier that Finance Minister Plamen Oresharski said «we will discuss (the ERM) next time» – a discussion that would be a first step toward adopting the euro currency. The ministers meet again in Berlin on April 20. The Bulgarian diplomat, however, said later that the talks would not necessarily happen then. «The minister has said next time, that means some next moment in the future, the question about Bulgarian participation in the euro may be discussed,» said the Bulgarian official, who said she could not be identified because there was no official comment on the issue. «This issue is not a subject of discussion (currently).» Bulgaria, which joined the EU on January 1 along with Romania, has said it wants to start using the currency in the second half of 2009 or by the start of 2010. European nations must be members of the ERM for at least two years without devaluing the currency before they can enter the eurozone. The ERM is a currency band that does not allow members’ rates to fluctuate widely within set limits. Romania is not in such a rush to join the ERM, saying it would like to do so in the next three to five years. Only one recent EU newcomer, Slovenia, has so far adopted the euro since in launched with 12 founding economies in 2002. Two small nations – Cyprus and Malta – have applied to join next year but the larger economies of Eastern Europe – the Czech Republic, Poland and Hungary – appear less keen to sign up.
