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Bulgaria doesn't have a governor of the National Bank, although it is about to join the euro

According to Bloomberg, Romania's neighboring nation does not yet know who would coordinate efforts to join the euro in 2024 because the single candidate for governor of the National Bank of Bulgaria did not receive enough support.


Former bank manager Lyubomir Karimansky, the nominee for "There's Such a People", failed to garner enough votes from the ruling coalition or the opposition after a rival backed by Prime Minister Kiril Petkov announced on Sunday withdrawal from the race.


This situation will prolong the power struggle for the replacement of Dimitar Radev, who remains in charge of the National Bank of Bulgaria, although his term ended last year. Disputes between Prime Minister Kiril Petkov and governing coalition partners have exacerbated the issue, but Karimansky's failure could allow the selection process to resume. A tense moment is thus created in full transition. Bulgaria is a nation that has long aspired to join the Eurozone, demonstrating to its neighbors, including Romania, that reforms can be done when political difficulties are set aside.


But back to the problem of Bulgaria. Whoever replaces Dimitar Radev will be responsible for completing preparations for joining the Eurozone; if the process is successful; will have a seat on the European Central Bank's board of governors.


Joining the Eurozone is intended to help the poorest EU member state boost its economic growth and integrate it more closely with the rich countries in the single area. However, this country, which borders Romania and Greece, is being closely watched for past banking problems, as well as money laundering scandals in the Baltic Eurozone member states, namely Estonia, Latvia and Lithuania.


In addition to the scandals at the National Bank and the collapse of the fourth largest bank in 2014, Bulgaria was forced to raise capital to two banks: Investbank AD, where Lyubomir Karimansky worked until 2015, and First Investment Bank AD. In addition, as a first for a Eurozone candidate country, Bulgaria has been asked to join the European Banking Union as a precondition for joining the ERM II mechanism, which will allow it to become an ERM II mechanism member of the euro area in a few years.


The last enlargement of the Eurozone dates back to 2015 when Lithuania became the 19th member state of the monetary bloc. Although all EU member states except Denmark are required to join the Eurozone, few countries are making serious efforts to join the single zone. This is a historic moment for Bulgaria's accession to the Eurozone; an extraordinarily important moment for the country itself. On the occasion of these changes, the country had much to gain, with the citizen's life improving considerably and the Bulgarian government moving towards citizen-oriented policies.


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Tags: #europe #bulgaria #nationalbank #eurozone



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